Arqiva is to close online TV venture SeeSaw after failing to find an investment partner or buyer. The company, which is a partner in the BBC-backed YouView video-on-demand venture, will pull the plug on SeeSaw next month.
The shutdown comes five months after Arqiva appointed Ingenious Media to find an investment partner or buyer for the business. The company informed its 28 staff today that a buyer had not been found.
“SeeSaw no longer fits with the strategic direction in which we are taking Arqiva and requires considerable investment to succeed in an increasingly competitive market. We have tried to find an investment partner, however this has not proved possible,” Arquiva said.
SeeSaw was launched using the assets of ITV, Channel 4 and BBC Worldwide’s defunct VoD venture Project Kangaroo, which Arqiva acquired for about £8 million. It is expected to close around June 20th so that costs relating to the business can be accounted for in Arqiva’s financial year to June 30th.