Arqiva, the broadcast transmission company has confirmed its plans to buy the defunct technology and assets developed for Project Kangaroo.

BBC Worldwide, Channel 4 and ITV had intended to provide a commercial Internet TV service in the UK via Project Kangaroo.

But in February, Competition Commission had hit straight on the head of the Project Kangaroo, saying it would take control of a major portion of content and distribution in the hands, posing a serious danger to competition.

The trio has lost almost £30 million in the ill-fated Project Kangaroo.

Intimate sources have informed that Arqiva has paid about £8 million to purchase the assets of Project Kangaroo such as brand name See Saw.

England-based Arqiva hopes the acquisition of Project Kangaroo's assets and technology would be completed in a few weeks.

Arqiva plans to utilize the technology to start a new video-on-demand service in the recent future.

The current acquisition would allow Arqiva to expand its business into the web TV market.

Apart from Arqiva, Orange had also offered in the range of £9 million to £10 million to acquire the assets of Kangaroo, but in May Orange pulled its name out of talks.