Project Canvas loses Five


July 12, 2010

Just as things are beginning to look up for the multi-channel online TV partnership, Project Canvas has lost one its main partners.

The terrestrial channel, Five, has pulled out from the project, leaving a big hole to fill.

For Five this must have been inevitable, as the channel lost almost £40 million last year and has been put up for sale by owner RTL.

This sale puts pressure on Five which, as partner in Project Canvas, would have to find an equal share of the development costs.

These are estimated at around £116 million for the first four years and this is something that Five is unable to commit to, at the moment.

The sale of Five will become clearer by the 19th July when RTL will announce the two main contenders to buy the channel.






 

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