Channel Five has withdrawn from the joint digital content venture Project Canvas.
Citing a pending digital investment review as the reason for the withdrawal, the broadcaster did say that the Project would continue to be a part of its forward strategy, according to the Guardian.
“We continue to support the objectives of Project Canvas and despite withdrawing our interest in the venture we believe it will be a critical part of our strategy for reaching consumers in the future,” said Channel Five’s director of strategy Charles Constable.
However, the Guardian quotes sources close to Channel Five, that allege that it had trouble convincing its majority shareholders of the value of the investment.
Following the withdrawal, the Project Canvas partners are now confined to BT, TalkTalk, Channel 4, ITV and Arqiva.