Newport Beach-based Conexant said Tuesday morning that it has signed a definitive agreement to sell its Broadband Media Processing product lines to NXP Semiconductors. The deal is worth up to $145M, in a combination of $110M in cash plus up to $35M in future earn-out. Conexant's Broadband Media Processing business provides chipsets for satellite, cable, terrestrial, and IPTV set-top box applications. According to Conexant, the move is part of a continuing effort to restructure the company's business model and cost structure. The sale affects approximately 700 COnexant employees, who will transfer to NXP when the transaction closes.