Canoe Ventures is shutting down interactive TV advertising operations -- closing its New York office and laying off 120 employees, including CEO Kathy Timko -- leaving about 30 employees to focus on VOD ads as its sole product, the company confirmed.
The decision to abandon ITV ads and dramatically pare back Canoe's mission came after a review by its cable operator owners, according to a Canoe spokeswoman. "It's the result of what the marketplace told us," she said.
Canoe was formed in 2008 by the six largest U.S. cable operators: Comcast, Time Warner Cable, Cox Communications, Charter Communications, Cablevision Systems and Bright House Networks. The venture's original mandate was to enhance the value of cable TV ad inventory and programming with interactive and targeted technologies.
After three years of testing and development, Canoe had enabled the delivery of interactive TV ads to more than 25 million cable homes nationwide across eight cable networks: AMC, Bravo, Discovery, E! History, G4, Style and USA Network.