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Director of Strategy at Five, Charles Constable, told the BBC the channel would "continue to support the objectives of Project Canvas".
"Despite withdrawing our interest in the venture we believe it will be a critical part of our strategy for reaching consumers in the future," he added.
Project Canvas director Richard Halton added that Five had offered "excellent support".
The project, which received BBC Trust approval last month, is said to be to still be on track for launch in the first half of 2011, despite the loss of Five.
"They share our goal of bringing the benefits of internet-connected TV to all. We look forward to working with them as a content provider to the platform in the future."