SeeSaw has lived up to its name over the past month, first being announced as shutting completely, then getting a stay of execution as a deal to save the service was forged. That deal has now happened, with a consortium of investors buying the company.
SeeSaw’s Checkered History
SeeSaw has something of a checkered history, starting out as a BBC-led venture called Project Kangaroo before Arqiva stepped in and bought the service lock, stock, and barrel for $12 million.
The service itself, which offered content from a range of British broadcasters and production companies, looked and felt great, and worked really well. However, its name never entered the mainstream and it consequently faltered badly.
In June Arqiva announced it was shutting SeeSaw in a few weeks due to a lack of funding, viewers, and content but interested parties starting circling and one has now taken the bait.
SeeSaw Sells
A consortium of investors led by Criterion Capital Partners has acquired SeeSaw. The U.S.-based private equity firm has already bought failing social networking site Bebo, and clearly sees a future for both companies.
Other investors include former BBC executive Michael Jackson, who will become chairman, and former Walt Disney executive Dan Adler. Arqiva is retaining a stake in the business.
Most key members of staff will retain their positions, most of the 28 employees will retain their jobs, and SeeSaw is expected to remain based in London. However, the line-up of investors suggests an international future could be on the cards.
An International Future?
Were Criterion and the other investors to turn the venture into a profitable one in the U.K. then they could turn their attention to the U.S. In the week that music streaming service Spotify has launched across the pond perhaps the same future is being eyed for SeeSaw. It would give Hulu some competition, and its new owners (whoever that ends up being) something to think about.
[Via The Guardian]
