Updated: Quibi, the struggling short-form mobile video startup led by founder Jeffrey Katzenberg and CEO Meg Whitman, is shutting down just six months post-launch after the company failed to find a buyer, according to a new report.
[Later Wednesday. Quibi confirmed the plan to wind down operations and seek to sell its assets.]
According to a Wall Street Journal report, Katzenberg called investors Wednesday to tell them Quibi was folding. That came after a restructuring firm hired by Quibi — which raised $1.75 billion in funding, including from major media companies including Disney, NBCUniversal, and WarnerMedia — provided a list of options to the company’s board of directors this week. One of the proposals: for Quibi to cut its losses and shutter the company.
Sources told Variety that Quibi, which has about 200 employees, has set an all-hands internal meeting for 6 p.m. Et today. Katzenberg, according to a report Tuesday by The Information, had “told people in the industry that he may have to shut down the company.
[Later Wednesday. Quibi confirmed the plan to wind down operations and seek to sell its assets.]
According to a Wall Street Journal report, Katzenberg called investors Wednesday to tell them Quibi was folding. That came after a restructuring firm hired by Quibi — which raised $1.75 billion in funding, including from major media companies including Disney, NBCUniversal, and WarnerMedia — provided a list of options to the company’s board of directors this week. One of the proposals: for Quibi to cut its losses and shutter the company.
Sources told Variety that Quibi, which has about 200 employees, has set an all-hands internal meeting for 6 p.m. Et today. Katzenberg, according to a report Tuesday by The Information, had “told people in the industry that he may have to shut down the company.
- 10/21/2020
- by Todd Spangler
- Variety Film + TV
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