In less time than it takes to make a baby, Quibi is shutting down.
The short-form video streaming subscription service founded by Jeffrey Katzenberg is set to cease operations just six and a half months after its April launch. Katzenberg and CEO Meg Whitman confirmed the news in an open letter.
“[I]t 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,” they wrote.
“While the result was not what any of us wanted, we did accomplish a number of things and we are very proud of what the talented Quibi team has built with the blood, sweat, and tears that they poured into this business over these past two years.” Read more…