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Quibi Says Senior Execs Taking 10% Pay Cut, Denies It’s Making Layoffs

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variety.com
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By Todd Spangler NY Digital Editor Quibi is making a belt-tightening move, two months after Jeffrey Katzenberg’s ambitious mobile-video subscription startup launched — to disappointing initial numbers.

However, the company, which has banked about $1.75 billion in funding, denied reports that Quibi is considering layoffs. “We are not laying off staff as a part of cost-saving measures,” Katzenberg and Meg Whitman, Quibi’s CEO, wrote in a memo to staff Wednesday provided to Variety. “We’ve recently added a dozen new Quibi employees.” The New York Post’s Page Six reported that “Quibi may have to implement cutbacks,” citing an anonymous source, while a WSJ report said the company was considering laying off 10% of its staff of 250.

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