LONDON – U.K. video-on-demand service SeeSaw will close after failing to find new financing.
SeeSaw, owned by British TV transmission outfit Arqiva, will exit in June.
The decision to mothball the upstart comes five months after Ingenious Media was appointed to find a new backer.
The company told its staff of 28 on May 27 that a buyer had not been found and that it is launching a 30-day consultation.
Said a spokesman: ”[SeeSaw] 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.”
When the service bowed in February 2010 it offered users 3,000 hours of free programming including the teen drama “Skins.”
Shows that charged a fee were later added and deals were concluded with U.S. content providers including MTV and NBCUniversal.