Project Kangaroo was originally planned as a collaboration between Channel 4, the BBC and ITV but was canned by regulators.
Both Channel 4 and BBC Worldwide have already inked deals to share content via other catch-up services. BBC Worldwide content is currently available from MSN Video and Blinkbox.
Arquiva hasn't announced an official name for its new service or a launch date. However, it's thought to be aiming for a launch late this year. If it hits its target, it'll beat US rival HULU to the punch.