Joost puts itself up for sale

Time Warner Cable has expressed an interest in acquiring video service Joost, which is actively seeking a buyer, according to reports.

Joost was launched in 2007 by Janus Friis and Niklas Zennstrom, also the founders of Skype and Kazaa, in a bid to offer a more efficient and high-quality video service.

However, the company has since struggled with technology setbacks and management changes, as well as the failure to secure premium television and film content.

As a result, Joost has fallen behind the market leaders in the online video sector, YouTube and NBC Universal and News Corp’s joint venture Hulu.

Earlier this month, Song Pictures also decided not to renew its licensing agreement with Joost, and instead managed to strike a deal with YouTube, which was a further set back to the video service.

Joost is now reportedly pitching itself as an online video platform to cable and satellite providers to try and find a buyer.

Joost and Time Warner declined to comment.