The owner of UK internet TV service FetchTV, IP Vision, has gone in to administration after encountering financial difficulties.
The company, which provides pay TV over its internet-enabled boxes, is now operated by administrators UHY Hacker Young. The company is making a public play for buyers, through its own statement…
“IP Vision (UK) Limited (‘the Company’) has initiated a process to sell its hybrid DTT/IPTV solutions and premium VOD businesses and assets. This represents the best means of maximizing value for the Company’s creditors and stakeholders.
“In order to facilitate an orderly sales process, the Company has appointed Peter Kubik and Michael Kiely as Joint Administrators of the Company with effect from 22 December 2011. Advanced discussions are underway with interested parties. It is expected that FetchTV, the Company’s video on demand service, will continue to operate during the sales process.
“(CEO) Eddie Abrams commented, “IP Vision is a recognised innovator with a well-deserved reputation in the field of hybrid DTT/IPTV solutions and premium over-the-top video on demand services. Purchasers will be able to take full advantage of the Company’s many strengths in these respective areas which include a fully-operational end-to-end hybrid TV platform and a multi-device, premium video on demand service with broad reach in conjunction with major TV manufacturers and approximately 30 content partners.
“Additional information is available at www.ipvision-uk.tv, by email (info@fetchtv.co.uk) or by telephone.”
The Fetch TV box is a Freeview+ tuner with PVR that also carries BBC iPlayer and VOD from providers like Channel 4, Sky Sports News, Discovery Channel and CNN but has expanded to offer paid niche bundles. It has been retailed through John Lewis and Tesco, but IP Vision has never disclosed to us sales figures, suggesting they were low.
The emergence of many new internet TV boxes, TVs with integrated internet services and, if it ever launches, YouView all put the squeeze on IP Vision.
Days before going in to administration, the company announced it would rebundle its paid content bouquets as an app for the connected TV platforms which might once have been considered competitors.