Bebo owner completes SeeSaw acquisition

Investment firm Criterion Capital Partners has closed its acquisition of UK online video-on-demand service SeeSaw.

The company, owner of social networking site Bebo, has acquired 75% of the service, with Arqiva retaining a 25% stake. As part of the deal, it will also acquire 3,000 hours of content that is currently streaming on the site. Former Channel 4 chief executive and BBC One controller Michael Jackson will become chairman. SeeSaw, which is based on the technology developed by the BBC for its abortive Kangaroo joint-venture project, launched in February 2010.