Online TV service SeeSaw saved

Online TV service SeeSaw has been saved from closure by a consortium of investors including the former Channel 4 chief executive, Michael Jackson, in a deal led by the US private equity firm that snapped up Bebo for a knockdown price.

Criterion Capital Partners has taken a controlling stake in SeeSaw, which is owned by transmission business Arqiva, in a deal estimated to be worth well over £10m.

The private equity firm has pulled together a group of investors from the film, TV and new media industry – including Dan Adler, a former Disney and Creative Artists Agency senior executive, who will build international relations with studios – with Arqiva retaining a 25% stake in the business and a seat on the new board.