An American private equity firm is all set to acquire British online TV service provider SeeSaw.
Criterion Capital Partners, a US-based investment firm is reportedly negotiating an 11th hour deal with Arqiva, the broadcast transmission firm and owner of SeeSaw, reports The Guardian.
The owners of SeeSaw revealed that it had intended to shut down its online TV service by June 20 after it failed to find a partner or a potential buyer to rejuvenate the company's financial position. SeeSaw employs about 28 staff members.
“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,” revealed a source close to the deal.
According to a report in The Telegraph the chief executive officer of Criterion Capital Partners, Adam Lavine is believed to currently be in the UK in order to negotiate the deal with Arqiva. Criterion is also known for acquiring Bebo from AOL for $10 million last year.
SeeSaw offers thousands of hours of free content as well as a great deal of pay content,including high profile shows such as Scrubs and South Park, but it has failed to gain significant market share in the increasingly competitive content on-demand sector.