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
One Piece Season 2 Faces A Huge Devil Fruit Problem Season 1 Didn't
- 4/24/2024
- by info@startefacts.com (Lee Jevon)
- STartefacts.com
Underrated 2006 Gangsters Movie Suddenly Gets New Life in Netflix’s Global Chart
- 4/24/2024
- by info@startefacts.com (Rachel Bailey)
- STartefacts.com
Ace Entertainment Developing Suzanne Young’s YA Horror Novel ‘In Nightfall’ For Television
- 4/24/2024
- by Matt Grobar
- Deadline Film + TV
2024 TCM Classic Film Festival Is A Wrap
- 4/24/2024
- by Melissa Thompson
- WeAreMovieGeeks.com
Cole Escola’s ‘Oh, Mary!’ Will Move to Broadway This Summer
- 4/24/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
The Real-Life UFO Story That Led to a Famously Unmade Steven Spielberg Sci-fi Movie
- 4/24/2024
- by Don Kaye
- Den of Geek
Turns Out, the Basic Recipe for Fake Blood Hasn’t Changed Much Since the ’70s
- 4/23/2024
- by Sarah Shachat
- Indiewire
The Creature From The Black Lagoon Lives! Is The Perfect New Comic For Horror Movie Fans
- 4/23/2024
- by Devin Meenan
- Slash Film
Can You Defeat Our Fiendishly Hard Universal Monster Movie Quiz?
- 4/22/2024
- by Louisa Mellor
- Den of Geek
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
‘Wednesday’ Season 2 Casts Thandiwe Newton (Exclusive)
- 4/23/2024
- by Joe Otterson
- Variety - TV News
Terry Carter, ‘Battlestar Galactica’ and ‘McCloud’ Actor, Dies at 95
- 4/23/2024
- by Lexi Carson
- Variety - Film News
‘Thank You, Goodnight: The Bon Jovi Story’ Review: Hulu Rock Doc Is More Leisurely Victory Lap Than Deep Dive
- 4/24/2024
- by Angie Han
- The Hollywood Reporter - Movie News
Could the 31st Edition of Hot Docs Be the Last for the Ailing Toronto Fest? Organizers Warn It Might Be
- 4/24/2024
- by Addie Morfoot
- Variety - Film News
Taylor Swift’s ‘Tortured Poets Department’ Sets Record With 1B Spotify Streams in First Week of Release
- 4/24/2024
- by Kimberly Nordyke
- The Hollywood Reporter - Movie News
Julio Torres’s “Problemista” Is Proof That The US Immigration System is a Relentless Maze
- 4/24/2024
- by Johanna Ferreira
- Popsugar.com
Chuwi Is the Voice of a New Puerto Rican Generation
- 4/23/2024
- by Juan Arroyo
- Popsugar.com
Camila Mendes on Why We Need More Latine Representation in Rom-Coms
- 4/22/2024
- by Brenda Barrientos
- Popsugar.com
Saraciea Fennell: "The Black Girl Survives in This One" Is the Representation I Didn't See in Horror Books
- 4/22/2024
- by Saraciea Fennell
- Popsugar.com
Tell Me Más: Bodine Talks New Album "Quemo Lento" and Growing From Hardships
- 4/22/2024
- by Juan Arroyo
- Popsugar.com
Joanna Arnow Wants to Make Being Submissive Powerful, and, Yes, Funny Again with Her Bdsm Feature Debut
- 4/24/2024
- by Kerensa Cadenas
- Indiewire
‘Blood Meridian’: Veteran Writer John Logan Boards John Hillcoat’s Adaptation Of Bleak Cormac McCarthy Western
- 4/24/2024
- by Christopher Marc
- The Playlist
Visions du Réel 2024: The American Way and Other Options
- 4/24/2024
- by Vadim Rizov
- Filmmaker Magazine - Blog
Visions du Réel 2024: The American Way and Other Options
- 4/24/2024
- by Vadim Rizov
- Filmmaker Magazine-Director Interviews
“With a Documentary, It’s More Difficult to Find Humor”: Martín Rejtman on Riders
- 4/24/2024
- by Vadim Rizov
- Filmmaker Magazine - Blog
Joanna Arnow Wants to Make Being Submissive Powerful, and, Yes, Funny Again with Her Bdsm Feature Debut
- 4/24/2024
- by Kerensa Cadenas
- Indiewire
‘Blood Meridian’: Veteran Writer John Logan Boards John Hillcoat’s Adaptation Of Bleak Cormac McCarthy Western
- 4/24/2024
- by Christopher Marc
- The Playlist
Could the 31st Edition of Hot Docs Be the Last for the Ailing Toronto Fest? Organizers Warn It Might Be
- 4/24/2024
- by Addie Morfoot
- Variety - Film News
Visions du Réel 2024: The American Way and Other Options
- 4/24/2024
- by Vadim Rizov
- Filmmaker Magazine - Blog
“With a Documentary, It’s More Difficult to Find Humor”: Martín Rejtman on Riders
- 4/24/2024
- by Vadim Rizov
- Filmmaker Magazine - Blog
‘Wednesday’ Season 2 Casts Thandiwe Newton (Exclusive)
- 4/23/2024
- by Joe Otterson
- Variety - TV News
Terry Carter, ‘Battlestar Galactica’ and ‘McCloud’ Actor, Dies at 95
- 4/23/2024
- by Lexi Carson
- Variety - Film News
FBI: International Casts Colin Donnell in Season-Ending Arc That Will Follow Luke Kleintank’s Exit
- 4/24/2024
- by Matt Webb Mitovich
- TVLine.com
When Will ‘Abbott Elementary’s Final Season 3 Episodes Air?
- 4/24/2024
- TV Insider
What are Netflix's Audio Settings and How Do You Change Them?
- 4/24/2024
- by John DiLillo
- Tudum - Netflix