Former Channel 4 CEO Michael Jackson has reportedly quit his role as chairman of struggling online video-on-demand service SeeSaw.
Criterion Capital Partners, the owner of social networking site Bebo, acquired a 75% stake in SeeSaw from transmission services provider Arqiva in July. The private equity group’s agreement with Arqiva included a clause that it had to raise additional funding for the service by the end of last month. However, the MediaGuardian website has reported that Jackson will not take up his post as chairman even if last-minute problems with raising the finance, which saw the August 31 deadline extended, are solved.
According to MediaGuardian, Criterion has thus far been unable to strike a deal with lead investment consortium backer Weston Capital to finance SeeSaw. The last few days has also seen SeeSaw lose an important content deal with Channel 4.