The SeeSaw saga goes on as it materialises that Criterion Capital are reported to have paid Arqiva £10m for the operation days before it was to shut down.
With former Channel 4 boss Michael Jackson already in charge of another Criterion distress purchase, Beebo, this makes some sense. Although I'm still to be convinced that an old world media boss can get the dynamics of the media world we now live in. Still, let's give him a chance...
The merger of a video and social platform makes sense to some degree.. But these guys need the monetisation piece, and they need to make sure the stickiness works and is improved. In the old world these are incredibly personnel-expensive things to achieve. In the new world, these demand working with companies like InSkin Media, that offer high ad returns on content.
Still, this is a rare opportunity to see the VC machine at work, and possibly at its best.