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Quibi to Shut Down Six Months After Launch
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hollywoodreporter.com
hollywoodreporter.comAfter raising nearly $2 billion in funding and promising to reinvent the way people consume entertainment programming, Quibi is shutting down. "It is with an incredibly heavy heart that today we are announcing that we are winding down the business and looking to sell its content and technology assets," Jeffrey Katzenberg and Meg Whitman wrote in a public letterWednesday.
The executives added that they will look to return cash to shareholders, lay off employees as part of the shutdown and look for buyers for its assets.
The note posted not long after the pair, who built the shortform video startup from the ground up, finished informing investors of the move Wednesday, according to a report in theWall Street Journal, capping off a six-month.
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