SeeSaw, a London, UK-based online television and entertainment platform, has received a majority equity investment of undisclosed amount.
The transaction was led by Adam Levin, Managing Director of Criterion Capital Partners, with participation from entertainment executives, new media entrepreneurs, institutional funds and private equity partners. Backers include TV and entertainment industry veterans Michael Jackson and Dan Adler.
Criterion Media Group, llc., a division of Los Angeles-based merchant bank Criterion Capital Partners, will take the majority stake in the company.
In conjunction with the transaction, Michael Jackson, will has assumed the role of Chairman while Dan Adler has joined as a strategic advisor focused on worldwide studio relationships. Following the agreement, previous owner Arqiva retains a 25% percent ownership stake in the TV platform and is guaranteed a seat on the new executive board.
Originated as Project Kangaroo, a joint venture set up by BBC Worldwide, ITV and Channel 4 to build an online TV platform, and launched in February 2010, SeeSaw delivers over 3,000 hours of television programmes from independent production houses as well as UK and international broadcasters (Channel 4, Channel 5 and BBC Worldwide).