Wednesday, October 21, 2020

Quibi Shutting Down, Says Report

Los Angeles-based Quibi is shutting down and has hired a restructuring firm to help it wind down the company, with co-founder Jeffrey Katzenberg confirming to investors on Wednesday that the company will shut down, according to a report from the WSJ. The report--citing "people familiar with the matter", which seem to include some of the company's investors--says that Quibi hired a restructuring firm in recent weeks to evaluate options, with one of those options a shutdown of the company. Quibi has raised more than $1.75 billion in funding for its efforts to create a mobile-first video and content streaming service. Quibi--unlike most startups--dove head first into the streaming content market, ramping up massive efforts to buy and create content, well ahead of consumer adoption and interest in the service, which appears to have been lackluster, at best.

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