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,