Criterion Capital Partners (CCP), the owner of social media site Bebo, has stepped in to acquire troubled video-on-demand platform SeeSaw.
The online TV venture was on the verge of closing down last month after its previous parent, Arqiva, announced it was planning to axe the service following an "ongoing strategic review of its business activities".
SeeSaw was originally set to cease operation on June 20th 2011, but continued to broadcast amid reports that CCP was considering saving it from shutting down.
Michael Jackson, the former head of Channel 4, is one of the investors brought together by private equity firm CCP to secure the acquisition.
Under the terms of the agreement, Arqiva has retained 25 per cent of the ownership of SeeSaw and is guaranteed a seat on the organisation's new executive board, with Mr Jackson assuming the role of chairman.
Commenting on the deal, he said: "The technology behind SeeSaw is world class and the group behind the bid has a great mix of entrepreneurial and industry experience."
All programmes on SeeSaw are currently free to watch, with the platform's paid content due to return shortly once a number of technical updates have been made.