Quibi Has Officially Shut Down. A week before that, Quibi was supposed to debut a new show from the Russo Brothers, known for directing Marvel blockbusters including Avengers: Endgame, the highest grossing movie ever. That day has arrived, and Quibi is dead. Likely for one of two reasons: because the idea itself wasn't strong enough to justify a standalone streaming service or because of our timing," the said. Read full article. On Tuesday, The Information reported that Katzenberg attempted to sell Quibi's catalog of content to Facebook and NBCUniversal in an effort to avoid a bigger loss for the company's investors. Get the latest tech stories with CNET Daily News every weekday. Though the company has enough money to keep operating for a "significant period of time," it's opting instead to make an exit "with grace," CEO Meg Whitman said in a press release. "Quibi was a big idea, and there was no one who wanted to make a success of it more than we did," Whitman and founder Jeffrey Katzenberg said in a joint open letter. No one could possibly have seen this turn of events, except, you know, everyone who wasn't involved in the creation of Quibi itself. The company is shutting down after failing to find a buyer. "Quibi is not succeeding. Quibi alerted its investors and employees of the news Wednesday afternoon. Dade Hayes, Jill Goldsmith and Dominic Patten. The short-form video service led by Katzenberg and Meg Whitman has called a meeting with senior management Wednesday night, an individual outside the company told TheWrap. Quibi is no more. All Rights Reserved. Data is a real-time snapshot *Data is delayed at least 15 minutes. The company expects to return $350 million to investors. And it was hit with a lawsuit from interactive-video company Eko, which claimed Quibi's rotating-screen technology was a rip-off of its own. According to the service’s FAQ site, Quibi will shut down today, December 1, just eight months after its launch… Quibi, the struggling short-form streaming company founded by Jeffrey Katzenberg, is set to shut down just seven months after its launch, TheWrap has learned. Avery Hartmans. Quibi Streaming Service to Shut Down. Quibi, the mobile streaming service launched with nearly $2 billion in capital by Jeffrey Katzenberg and Meg Whitman, is shutting down. By Rebecca Iannucci / October 21 2020, 1:10 PM PDT Courtesy of Quibi. The unconventional Quibi launched in April as a $5, mobile first, short-form video service that featured big budget, megastar shows. After raising nearly $2 billion in funding and promising to reinvent the way people consume entertainment programming, Quibi is shutting down. We anticipate that the service will end streaming on or about December 1, 2020. Comment. Discussion threads can be closed at any time at our discretion. Quibi is shutting down, a flameout less than 7 months after launch. While it seems even Quibi isn’t 100% certain yet, they’ve at least now given users a […] Quibi says it will shut down in early December Greg Kumparak @grg / 3 months (Quibi rejected those allegations.). While both the companies did not disclose financial terms of the acquisition, The Wall Street Journal reported that Roku paid “significantly less” than $100 million to acquire Quibi’s shows. ALL RIGHTS RESERVED. Shortly after Quibi's launch, there were already signs that it had failed to sign up subscribers for its $4.99-per-month streaming service as it fell in Apple and Google's app store rankings of popular apps. Quibi, the mobile streaming service founded by Jeffrey Katzenberg and Meg Whitman, will shut down after six months on the market. Streaming service Quibi is shutting down. JUST WATCHED Quibi, the short-form video app founded by Hollywood mogul Jeffrey Katzenberg, is calling it quits after just six months. That's the word coming down from insiders close to the events unfolding at Quibi Holdings LLC ground zero, spreading across the internet like wildfire as of Wednesday, … Quibi's talent roster is a who's who of Hollywood, including Chrissy Teigen, Lebron James, Dwayne Johnson, Reese Witherspoon, Chance the Rapper, Kevin Hart, Jennifer Lopez, Idris Elba, Zac Efron, Tina Fey, Liam Hemsworth and husband-and-wife combo Joe Jonas and Sophie Turner (but on different shows), along with innumerable others. Why? Short-form streamer Quibi is shutting down after initially failing to hit its subscriber goals and then being unable to find a buyer. Streaming giant Roku Inc. on Friday announced that it has acquired the now-defunct short-form video streaming service Quibi’s library of content nearly three months after it was shut down.. 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