Exclusive: Bebo’s owner, a private equity company called Criterion Capital Partners, is poised to purchase and revive SeeSaw, the ailing UK online TV service, from Arqiva, the broadcast transmission company. Last month Arqiva announced that it was shutting the online TV aggregator service down, only 16 months after launch, having failed to find an investment partner or buyer to revive SeeSaw’s fortunes.
However, Adam Levine, the US-based chief executive of Criterion Capital Partners, which purchased Bebo from AOL last year for $10m, is currently understood to be in the UK negotiating the final terms of the deal, which, upon completion, will see the private equity company try and build a major digital film and TV service in Europe.
Michael Jackson, the former Channel 4 chief, who also runs Bebo for Criterion, is believed to have been drafted into rejuvenate the online TV service.
A source close to the deal who wished to remain unnamed said: “Criterion are close to signing the deal to acquire SeeSaw. It’s a good opportunity for them to access the lucrative online TV and film market, which Arqiva have been unable to crack.
“Arqiva is hoping to finalise the deal by June 30 in time for the end of its financial year. The service was meant to shut down yesterday (June 20).”An Arqiva spokesman said: “Arqiva is still in discussion with various parties about a possible sale of SeeSaw." The statement is a change of tune from the transmission company, which had told SeeSaw’s 28-person staff last month, that no buying had been found and the service was due to shut imminently.
Criterion Capital Partners declined to comment.
Arqiva purchased the online video service, previously named Project Kangaroo, from BBC Worldwide, ITV and Channel 4 for £8m, after the broadcasters’ proposed joint video-on-demand venture was blocked by the Competition Commission in 2009.
Despite a high-profile launch last February, the service, hoping to ape the success of US online TV aggregator Hulu, failed to attract enough viewers away from each broadcaster’s respective online catch up service, such as the BBC iPlayer.
It managed to sign catch-up deals with Channel 4, Five and gain access to limited BBC content and certain films. At launch it offered more than 3,000 of free programmes, including the likes of Skins. However, unlike Hulu, which has a comprehensive set of US TV content, making it an effective one-stop shop for online TV viewers, SeeSaw failed to sign a full deal with the BBC or any deal with ITV, the UK’s largest commercial broadcaster.
It is unclear if Criterion would inherit the rights already negotiated by SeeSaw, or whether it would have to negotiate its own new contracts.
Criterion Capital Partners is also one of the final contenders hoping to snap up MySpace for at least $100m from News Corporation; a sale process also due to close on or before June 30.
Criterion Capital Partners declined to comment.
Arqiva purchased the online video service, previously named Project Kangaroo, from BBC Worldwide, ITV and Channel 4 for £8m, after the broadcasters’ proposed joint video-on-demand venture was blocked by the Competition Commission in 2009.
Despite a high-profile launch last February, the service, hoping to ape the success of US online TV aggregator Hulu, failed to attract enough viewers away from each broadcaster’s respective online catch up service, such as the BBC iPlayer.
It managed to sign catch-up deals with Channel 4, Five and gain access to limited BBC content and certain films. At launch it offered more than 3,000 of free programmes, including the likes of Skins. However, unlike Hulu, which has a comprehensive set of US TV content, making it an effective one-stop shop for online TV viewers, SeeSaw failed to sign a full deal with the BBC or any deal with ITV, the UK’s largest commercial broadcaster.
It is unclear if Criterion would inherit the rights already negotiated by SeeSaw, or whether it would have to negotiate its own new contracts.
Criterion Capital Partners is also one of the final contenders hoping to snap up MySpace for at least $100m from News Corporation; a sale process also due to close on or before June 30.
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