Communications infrastructure firm Arqiva has offloaded 75% of VOD venture SeeSaw to US investment firm Criterion Capital Partners to ensure the service’s survival.
The move sees Arqiva retain a 25% stake in SeeSaw through a convertible instrument,…
Communications infrastructure firm Arqiva has offloaded 75% of VOD venture SeeSaw to US investment firm Criterion Capital Partners to ensure the service’s survival.
The move sees Arqiva retain a 25% stake in SeeSaw through a convertible instrument, which protects it from future losses at the online catch-up unit, according to a source close to the process.
It is understood that no money changed hands in this transaction, despite reports suggesting the deal was worth more than £10m.
Although the deal had not been fully closed by the time of going to press, the source added that both parties were happy with this arrangement.
Arqiva and Criterion declined to disclose financial details.
SeeSaw had previously been on course for closure after Arqiva was unable to find a buyer by its self-imposed 30 June deadline.
Although the group was approached by a number of UK and international companies seeking to capitalise on TV services’ shift to the internet, none placed serious bids by this time.
However, negotiations with frontrunner Criterion continued past this apparent deadline, as SeeSaw’s website continued to operate despite being officially closed.
SeeSaw launched in February 2010 after Arqiva acquired the assets of failed VOD venture Project Kangaroo, the JV of local broadcasters BBC Worldwide, ITV and Channel 4 that was blocked by regulators, for £8m.
