Five pulls out of Project Canvas

Five has pulled out of Project Canvas, the TV on-demand joint venture from ITV, Channel 4, BT, TalkTalk and Arqiva.

The broadcaster, which has been put up for sale by parent company RTL, said it had pulled out of Project Canvas as it can no longer commit to funding an equal share of development costs.

Five is currently undergoing a review of its digital development strategy.

Charles Constable, director of strategy at Five, said: “”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.”