The company claims majority stakeholder’s failure to meet funding commitment as the major reason
British online video service SeeSaw has been closed down, after its new majority stakeholder Criterion Capital Partners decided not to invest any further.
Media services company Arqiva created SeeSaw with licensed content in February 2010, using the assets of Project Kangeroo, a proposed joint venture between British broadcasters that was rejected by the UK’s Competition Commission.
The same year in September, Channel 4 and Channel Five pulled their programmes from the site after licensing deal expired, which led Arqiva put it up for strategic review in January 2011.
Bebo social networking site owner Criterion Capital Partners bought 75% stake of the on-demand video service, following the review.
Arqiva claimed that the new investor failed to provide their committed funding, which led to the closure of the service. The closure of the business is expected to affect around 20 staff.
The announcement by Netflix about its plans to open up in the UK and Ireland, with a streaming service, also affected SeeSaw.