After raising nearly $2 billion in funding, Quibi is shutting down. Jeffrey Katzenberg and Meg Whitman’s short-form video startup started informing investors of the decision on Wednesday.
The company has struggled for six months to attract subscribers, an obstacle further heightened by the pandemic.
Previously, Quibi was also exploring a sale option, however, now with it shutting down, despite still having hundreds of millions in the bank indicates that Katzenberg and Whitman see few long-term solutions for the business.
A town hall meeting with employees has also been scheduled, at which they will learn more about the fate of the business.
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