Wednesday, October 21, 2020

Quibi Confirms Shutdown, Will Sell Off Assets

Los Angeles-based short form, mobile streamng startup Quibi confirmed on Wednesday afternoon that it is indeed shutting down its service. According to the company, it is winding down the business and looking to sell its content and technology assets. According to Quibi, it has "considered and exhausted every option available to us" and said it was "not succeeding" either because "the idea itself wasn't strong enough to justify a standalone streaming service or because of our timing." Quibi said that it has made the "difficult decision to wind down the business, return cash to our shareholders, and say goodbye to our colleagues with grace."