The Video business will transfer in 2017, related to existing intellectual property licensing arrangements.
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But, big as the streaming-video business became for Netflix, its potential was even greater.
Chambers insisted the overall video business was "gaining momentum, " yet sales of Cisco's TV set-top boxes were off 29% from a year before.
The company has been in the on-demand video business for a while now and has witnessed significant success in terms of video consumption.
The specific segment of the market being discussed is video and on the docket to testify is a who's who of the video business.
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This last move has drawn opposition from unlikely sources, including Google, which may not want its own online-video business to fall under FCC regulation.
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Well despite the hype surrounding the streaming video business, it would seem that the market has been taking an increasingly sceptical view over the past year.
Coinstar, which has lost more than 20 percent of its value over the last six months, was expected to be a powerful player in the streaming video business.
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Comcast and other cable operators are increasingly focusing on broadband, where profit margins tend to be higher than the video business because they aren't burdened by high television programming costs.
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Its latest divestments will not happen immediately - its audio business will pass to Funai in the latter half of this year, while the transfer of its video business will not take place until 2017.
However following a botched attempt to split its DVD and streaming video business last year, and the build-up of rival businesses by companies with larger brands and more financial power, the future for Netflix now seems far from certain.
Hardly game over though: Cisco has wars to fight for corporate video business with the likes of Polycom (low end) and HP (here, at a struggling high end that may well go away) in this turf, and has to win a lot of service providers.
"Sony has been committed to high resolution music since its inception, ' noted Charles Speidel, vice president of Sony Electronics Home Audio Video business, "The R-series of loudspeakers are designed to recreate music as faithfully as possible, delivering an unparalleled listening experience for those devotees who truly care about music.
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While Netflix (NFLX) gets most of the headlines, one of the most remarkable developments in the video rental business over the last few years has been the amazing growth of Redbox , the video rental kiosk business run by Coinstar (CSTR), a company that used to be known for its coin-counting machines.
Cisco Systems (CSCO) this morning announced a multi-part plan to revamp its consumer business, including shutting down the Flip video camera business.
Microsoft got into the video game business to capture some of the growing market.
The whole video game business model has changed, brought to you by the egalitarian Internet.
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While iTunes still dominates the online video rental business, Vudu surged at the end of last year.
The company will stay focused on the core network infrastructure, plus collaboration, virtualization, cloud, video and business transformation.
Overall, the video subscription business lost 176, 000 subscribers, fewer than the 238, 000 customers that departed in the year-ago quarter.
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The group highlighted an "exceptional year" from its Activision Blizzard video games business.
Kodak, the maker and inventor of the digital camera, has closed its digital camera and pocket video cam business today.
With the world focused on the video game business at E3 2012, one market that continues to grow, despite persisting problems with piracy, is China.
Overall, growth at Comcast's broadband, business services and advertising divisions in the second quarter helped offset more modest revenue gains at the cable distributor's video subscription business.
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Icahn, who failed with his Blockbuster investment some years ago, is taking another stab at the video rental business, albeit one with a slightly modernized business plan.
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Microsoft has been pretty savvy with their video game business.
Asked about the potential for Apple to get deeper into the video distribution business, Dunn says he thinks it is not likely that they will offer a subscription model.
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Conditions remain difficult in the U.S. video game business.
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The video game business is dominated by a handful of giant studios, companies that can deploy hundreds of people and budgets in the tens of millions of dollars on a single blockbuster title.
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