Quibi To Shut Down, Ending $2B Streaming Experiment – Update

  • Deadline
Quibi To Shut Down, Ending $2B Streaming Experiment – Update
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,
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