Quibi, the mobile streaming service launched amid great fanfare and nearly $2 billion in start-up capital by Jeffrey Katzenberg and Meg Whitman, is officially shutting down.
Deadline has learned that Katzenberg and CEO Whitman are about to have a call with investors this afternoon to explain their decision to wind down the short-form video service after little more than six months. They are exploring options including selling content or the entire service in the hopes that a buyer emerges.
The process of bringing Quibi to a close is expected to take several months, we hear, with subscribers receiving notifications in the near future. A staff meeting with Katzenberg and Whitman is also scheduled for later today.
Deadline has learned that Katzenberg and CEO Whitman are about to have a call with investors this afternoon to explain their decision to wind down the short-form video service after little more than six months. They are exploring options including selling content or the entire service in the hopes that a buyer emerges.
The process of bringing Quibi to a close is expected to take several months, we hear, with subscribers receiving notifications in the near future. A staff meeting with Katzenberg and Whitman is also scheduled for later today.
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