The company which owns social networking site Bebo has purchased catch-up TV service SeeSaw.

In May this year it was revealed SeeSaw, which had been struggling financially despite only launching in February 2010, would close after failing to find an investor or buyer.

Arqiva, the firm behind the free catch-up TV service employed technology originally used for the Project Kangaroo venture to offer around 3,000 hours of free content from broadcasters including the BBC, Channel 4 and Five. The shows are peppered with 60-second adverts that cannot be skipped, in a style similar to Swedish music-streaming service Spotify. Alternatively, a premium service that offered around 1,000 hours of paid-for shows from broadcasters including Comedy Central, BBC Worldwide and MTV was also available.

However, Criterion Capital Partners, which paid AOL $10m for Bebo last year, has now purchased SeeSaw for an undisclosed amount. Arqiva retains a 25 percent stake in the service while the former head of Channel 4, Michael Jackson, who runs Bebo on behalf of Criterion, has also purchased a share in SeeSaw and has been named as SeeSaw’s chairman.

“We are thrilled to bring SeeSaw into our portfolio - not just because of the industrial strength of its technology, but because it is at the forefront of the new viewer-led TV experience," said chief executive of Criterion Capital Partners, Adam Levine.

Last Month, The Telegraph  revealed the firm was in negotiations to acquire SeeSaw.