Quibi is reportedly exploring strategic options including a possible sale

Marco Green
September 22, 2020

The streaming service, led by former Disney chair Jeffrey Katzenberg and ex-HP CEO Meg Whitman, is exploring a sale as well as raising more funding or going public via a special-purpose acquisition company, sources told The Wall Street Journal.

A possible sale is one of a few strategic options the company is reportedly considering, including raising more money, and going public through a merger with a special goal acquisition company.

The report is the latest sign that things aren't going according to plan for the much-ballyhooed video startup, which launched in April with the goal of entertaining people during commutes and other boring moments - like a wait at the dentist's office. Despite the COVID-19 pandemic increasing the global appetite for streaming content, Quibi struggled to sell itself, with many questioning its limited form factor and criticizing its lackluster offerings.

Launched in April 2020, Quibi has raised about $1.75 billion from major studios and other investors and has banked dozens of original series coming from Hollywood A-listers. Advertisement A Quibi spokesperson declined in a statement to comment on the speculation.

The app has also revamped some of its programming, focusing on what's resonated with subscribers, people familiar with the matter said in May. "One of its best-reviewed shows, "#FreeRayshawn", recently saw two of its stars, Laurence Fishburne and Jasmine Cephas Jones, take home acting Emmys in the short-form program categories.

Other reports by Click Lancashire

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