Video on demand venture SeeSaw is unlikely to be sold due to a lack of interest, TelecomFinance understands. A spokesperson for owner Arqiva, the communications infrastructure and media services company, said: “SeeSaw is an excellent service and has…
Video on demand venture SeeSaw is unlikely to be sold due to a lack of interest, TelecomFinance understands. A spokesperson for owner Arqiva, the communications infrastructure and media services company, said: “SeeSaw is an excellent service and has provided invaluable insight into the online TV market in the UK. But it 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. We have therefore put SeeSaw staff on a 30-day consultation as we need to reach a conclusion by the end of our financial year on June 30.” In February, Arqiva mandated Ingenious Corporate Finance to help it find an investment partner for SeeSaw. A source close to the strategic review process told TelecomFinance there had already been a number of approaches by UK and global IPTV providers, broadcasters, ISPs, content providers and mobile operators, which were seeking to capitalise on TV services’ shift to the internet.
Potential suitors reportedly included Hulu and French DTH firm Canal Plus. SeeSaw had also been widely expected to appear on the hybrid platform of YouView, where Arqiva is among the JV partners. The Arqiva spokesman said the See Saw decision “does not affect our status or attitude towards YouView which we remain fully committed to. Our main reason for supporting YouView is to help ‘futureproof ‘ the terrestrial TV platform.”
IPTV joint venture YouView confirmed that French audiovisual group Technicolor has withdrawn from a partnership to develop its set-top boxes. A spokesperson said the group was just one of seven manufacturing partners, and YouView remained on track for a consumer launch in 2012.
Cableco Virgin Media’s lenders have agreed amendments to its senior credit facilities, including cuts to interest margins and an increased credit line.
The company is consolidating its loan tranches A and B (with margins of 325 bp and 375 bp over LIBOR, respectively,) into one £750m loan with a margin of 212.5 bp over LIBOR. This new loan, due to mature in June 2015, came into effect late in May.
The facility was arranged by BoA Merrill Lynch, BNP Paribas, Credit Agricole, Deutsche Bank, GE Capital, Goldman Sachs, JPMorgan, Lloyds, RBS and UBS, a spokesman confirmed.
These lenders have also agreed to increase Virgin Media’s £250m revolving credit facility to £450m.
“The company has obtained the commitment of its 10 leading relationship banks to these amendments,” Virgin Media said in a statement on May 20.
“All other lenders will be prepaid on the closing date, with these 10 banks increasing their commitments accordingly.”
Everything Everywhere and BT Wholesale are to launch what they describe as the country’s “first live trial” of 4G, sharing fixed and mobile technology to provide high-speed wireless broadband to customers in a rural part of the southwestern county of Cornwall.
The field trial, which is due to last from September this year until early 2012, will cover up to 100 mobile and 100 fixed-line customers.
