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Quibi Knocks Down Layoff Reports, Says Senior Execs Agree To 10% Salary Cut

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deadline.com
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By Dade Hayes Finance Editor Quibi continues to face headwinds nearly two months after launching, but the mobile-focused streaming startup has told its staff that reports of imminent layoffs are inaccurate.

In an internal memo Wednesday, founder Jeffrey Katzenberg and CEO Meg Whitman said senior executives have agreed to take a 10% pay cut “because it’s the right thing to do.” The Wall Street Journal earlier in the day had reported the startup was contemplating layoffs of up to 10% of its 250-person workforce. “Nothing has changed since our last company meeting two weeks ago,” the memo said. “Quibi is in a good financial position.

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