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Say hello to Valve's SteamOS, a Linux-based operating system tailored to living room gaming and entertainment

From Techradar:
SteamOS combines the rock-solid architecture of Linux with a gaming experience built for the big screen, said the company as its official website's countdown ticker hit zero.It will be available soon as a free stand-alone operating system for living room machines. The benefits of SteamOS according to Valve include having your favorite games, online friends, and all of the Steam features - only now it's being designed for the big screen. When the ticker struck zero, Valve announced its very own free operating system, what it calls the environment best suited to delivering value to customers. Prelude to Steambox? SteamOS may foreshadow Valve hardware that the company has long teased as the Steambox.
  Valve announces SteamOS