Home Uncategorized Quibi Explores Strategic Options, Including Sale (Report)

Quibi Explores Strategic Options, Including Sale (Report)

Short-form video startup Quibi is said to be exploring strategic options including a sale less than six months after its launch.

The mobile-first service founded by Jeffrey Katzenberg and Meg Whitman is working with advisors to weigh several options, including raising more money and going public through a merger, according to a report in the Wall Street Journal.

A Quibi spokeswoman declined to comment. “Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform,” she said in a statement, adding that “Meg and Jeffrey are committed to continuing to build the business in the way that gives the greatest experience for customers, greatest value for shareholders and greatest opportunity for employees.”

Quibi launched April 1 with nearly $2 billion in backing from Alibaba, Madrone Capital and every major Hollywood studio. It had a large slate of short-form programming, all under 10 minutes per episode, fronted by such bold names as Chrissy Teigen, Liam Hemsworth, Sophie Turner, Anna Kendrick and Laurence Fishburne.

The shows landed Quibi 10 short-form Emmy nominations and two wins, which were handed down to Antoine Fuqua-produced #FreeRayshawn last week.

But in spite of the money Katzenberg and Whitman poured into the service, it has struggled to gain traction with subscribers. The company said in June that Quibi had been downloaded 4.5 million times and had 1.6 million subscribers.

Quibi launched at the beginning of the novel coronavirus pandemic when its main intended use, as a way to watch short-form entertainment programming on the go, no longer had as much relevancy with consumers. Some users complained that Quibi wasn’t available to watch on connected TVs, though the company later made it possible for people to cast from their mobile phones to their big screens.

This story was originally published by The Hollywood Reporter.

Must Read

Robopine Sheds His Quills for ‘Masked Singer’ Exit: ‘They Kept the Competition Thick’

  The competition is heating up on The Masked Singer, as Wednesday night’s (May 5) Spicy 6 episode ended with a surprising elimination. Robopine was...

Willow Smith Reunites Mom Jada’s Old Metal Band for Sick Mother’s Day Surprise

Willow Smith pulled off a top-secret Mother’s Day surprise for Jada Pinkett Smith by getting her mom’s metal band back together to perform on the...

Zach Williams Adds Fourth Christian Airplay Chart No. 1 With ‘Less Like Me’

Zach Williams earns his fourth No. 1 on Billboard’s Christian Airplay chart (dated May 8) as “Less Like Me” rises from No. 3 to...

10 Times Selena Gomez Has Stressed Mental Health Awareness

Selena Gomez has never shied away from the opportunity to tap the mic and speak up about mental health. The 28-year-old award-winning singer and outspoken mental...

Sergio George, Mabiland & More Artists on Embracing Their Afro-Latino Identity at 2021 LAMC

As part of the 23rd annual Latin Alternative Music Conference (LAMC), artists Mabiland (Colombian rapper), La Dame Blanche (Cuban singer and musician), Akapellah (Venezuelan...