Updated at 3:30Pm Pt with official statements. Quibi, the mobile streaming service launched amid great fanfare and nearly $2 billion in start-up capital by Jeffrey Katzenberg and Meg Whitman, is officially shutting down.
Katzenberg and CEO Whitman held a video call with investors this afternoon to explain their decision to wind down the short-form video service after little more than six months. That meeting was followed by one with staff to share the news. The management team is exploring options including selling content — it has 100 shows — or the entire service should a buyer emerge. (Attempts to shop it thus far have not gained traction.)
Including what’s owed to creditors, it’s said about $350 million will be left from the roughly $1.8 billion in capital that was raised from a group of media companies, venture firms, investment banks and individual backers.
The process of bringing Quibi to a close is expected to take several months,...
Katzenberg and CEO Whitman held a video call with investors this afternoon to explain their decision to wind down the short-form video service after little more than six months. That meeting was followed by one with staff to share the news. The management team is exploring options including selling content — it has 100 shows — or the entire service should a buyer emerge. (Attempts to shop it thus far have not gained traction.)
Including what’s owed to creditors, it’s said about $350 million will be left from the roughly $1.8 billion in capital that was raised from a group of media companies, venture firms, investment banks and individual backers.
The process of bringing Quibi to a close is expected to take several months,...
- 10/21/2020
- by Dade Hayes, Jill Goldsmith and Dominic Patten
- Deadline Film + TV
Similar News
Sony Pictures Entertainment Full-Year Profits Fall Nearly 10% To $808M
- 5/14/2024
- by Jesse Whittock
- Deadline Film + TV
Sony Pictures Full-Year Profit Slips to $808M
- 5/14/2024
- by Abid Rahman
- The Hollywood Reporter - Movie News
“Mulligan” on Netflix
- 5/14/2024
- by Unknown
- SneakPeek
Quentin Tarantino: 'Jaws' Was Once the Best Movie
- 5/14/2024
- by Matthew Trzcinski
- Showbiz Cheat Sheet
Japan Box Office: Case Closed: The Million-dollar Pentagram at No.1 for Fifth Weekend
- 5/14/2024
- by Mikikazu Komatsu
- Crunchyroll
Director Stanley Kubrick Wrote Three Movies That Were Never Released To The Public
- 5/14/2024
- by Witney Seibold
- Slash Film
Frank Murray And Frida Torresblanco Team To Launch Transatlantic Production Company Hangtime International Pictures
- 5/14/2024
- by Zac Ntim
- Deadline Film + TV
Hayao Miyazaki Paid Heartfelt Tribute to the Man Who Discovered His Talent Through One Mysterious Character in The Boy and the Heron
- 5/13/2024
- by Nishanth A
- FandomWire
“And now we get a live action Gundam movie..”: Guillermo del Toro’s Reaction After Watching the Life Sized Gundam Statue Will Make You Hopeful For Another Masterpiece From the God of Cinema
- 5/13/2024
- by Hashim Asraff
- FandomWire
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.
More to explore
Edgar Wright in Talks to Direct ‘Barbarella’ Starring Sydney Sweeney
- 5/13/2024
- by Katcy Stephan
- Variety - Film News
Third ‘Downton Abbey’ Movie Set With Paul Giamatti
- 5/13/2024
- by Mia Galuppo
- The Hollywood Reporter - Movie News
‘Kingdom of the Planet of the Apes’ Swings to $72 Million at Overseas Box Office, Mighty $131 Million Globally
- 5/12/2024
- by Rebecca Rubin
- Variety - Film News
‘Megalopolis’ Official Trailer Reveals Francis Ford Coppola’s ‘Best Work Ever’
- 5/14/2024
- by Patrick Frater
- Variety - Film News
Sarah Paulson Calls Out Actor Who Emailed Her Six Pages of Notes After Watching Her: It Was ‘Outrageous’ and ‘I Hope I See You Never’
- 5/14/2024
- by Michaela Zee
- Variety - Film News
Aida Rodriguez: Unpacking My Childhood Traumas Through Comedy Is Cathartic
- 5/6/2024
- by Aida Rodriguez
- Popsugar.com
How Erik Rivera Uses Comedy to Heal and Help Others
- 5/6/2024
- by Miguel Machado
- Popsugar.com
Ian Lara: Comedy Gave Me the Strength to Overcome My Mother's Death
- 5/6/2024
- by Ian Lara
- Popsugar.com
Sasha Merci: How Comedy Has Helped Me Navigate Depression
- 5/6/2024
- by Sasha Merci
- Popsugar.com
Gina Brillon: The Loss of My Grandmother Pushed Me to Pursue Comedy
- 5/6/2024
- by Gina Brillon
- Popsugar.com
Would Adding ‘Apes’ Character Koba Make Other Movies Better? Social Media Seems to Think So
- 5/14/2024
- by Harrison Richlin
- Indiewire
Roger Corman’s Greatest Films: ‘Little Shop of Horrors,’ ‘The Masque of the Red Death,’ ‘The Wild Angels,’ and More
- 5/14/2024
- by Wilson Chapman
- Indiewire
Critic’s Notebook: Monica Sorelle’s Miami-Set Debut, Mountains
- 5/14/2024
- by Monica Uszerowicz
- Filmmaker Magazine - Blog
Critic’s Notebook: Monica Sorelle’s Miami-Set Debut, Mountains
- 5/14/2024
- by Monica Uszerowicz
- Filmmaker Magazine-Director Interviews
“How Do I Capture the Storytelling That is Quintessential to South America, and Marry It to the Experience of Living Here in Florida?”: Director Kevin Contento on His Vimeo Staff Pick, From Fish to Moon
- 5/14/2024
- by Monica Uszerowicz
- Filmmaker Magazine - Blog
Edgar Wright in Talks to Direct ‘Barbarella’ Starring Sydney Sweeney
- 5/13/2024
- by Katcy Stephan
- Variety - Film News
‘Kingdom of the Planet of the Apes’ Swings to $72 Million at Overseas Box Office, Mighty $131 Million Globally
- 5/12/2024
- by Rebecca Rubin
- Variety - Film News
Paramount Tried To Combine Movie Theaters With TV - And It Failed Spectacularly
- 5/14/2024
- by Witney Seibold
- Slash Film
Would Adding ‘Apes’ Character Koba Make Other Movies Better? Social Media Seems to Think So
- 5/14/2024
- by Harrison Richlin
- Indiewire
Bill Murray Joins Crime Comedy ‘Riff Raff’ as Signature Closes Multiple Territory Deals (Exclusive)
- 5/14/2024
- by Alex Ritman
- Variety - Film News
Carrie-Anne Moss Joins Arnold Schwarzenegger in Season 2 of FUBAR
- 5/13/2024
- by IMDb News
- IMDb News
Third ‘Downton Abbey’ Movie Set With Paul Giamatti
- 5/13/2024
- by Mia Galuppo
- The Hollywood Reporter - Movie News
Maya Rudolph / Vampire Weekend SNL Roundtable – S49 E19
- 5/14/2024
- by Saturday Night Network
- LateNighter
Sarah Paulson Calls Out Actor Who Emailed Her Six Pages of Notes After Watching Her: It Was ‘Outrageous’ and ‘I Hope I See You Never’
- 5/14/2024
- by Michaela Zee
- Variety - TV News
Boston Rob Says He ‘Easily’ Would’ve Won ‘Deal or No Deal Island’ Without That Penalty
- 5/14/2024
- TV Insider