The project, which is still subject to approval by the BBC Trust, involves the creation of a next generation platform augmenting Freeview and Freesat on digital terrestrial or digital satellite television.
Dawn Airey, Five chairman and chief executive says: “Project Canvas is an important step forward because it will extend choice and significantly improve the television experience for viewers. Its widespread adoption is central to driving Digital Britain.
“It’s vital for broadcasters and other industry stakeholders to form partnerships such as Canvas if they’re to open up new commercial opportunities and thrive in the digital world.”
The BBC Trust has extended its investigation into Project Canvas and has requested further information from the partners involved.
Earlier this month, Five announced that it had cut its programming budget by 25% to £165m this year, in a bid to counter declining advertising revenues.