Name: Quibi to Shutter in Stunning End to Ambitious Venture
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Quibi to Shutter in Stunning End to Ambitious Venture

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Photo: Actor Tye Sheridan, from left, with filmmaker Zach Wechter and Quibi chief product officer Tom Conrad during a keynote at CES in January. Photo by BloombergJeffrey Katzenberg’s video streaming service Quibi is shutting down, said a person familiar with the situation,&nbsp;bringing down the curtain on the short-form video streaming service just six months after it launched.The closure is a stunning end to Katzenberg’s hopes of creating a new category of video entertainment, short programs of a few minutes in length that could be watched on the go. Katzenberg, a former Disney executive who later helped start DreamWorks, raised nearly $2 billion to finance Quibi. Among the backers were most of the major Hollywood studios, Google, Alibaba and the Madrone Capital Partners.Quibi scheduled calls with investors and employees on Wednesday afternoon to deliver the news. In a statement released Wednesday afternoon, Katzenberg appeared to blame the pandemic for Quibi's failure. "The world has changed dramatically since Quibi launched and our standalone business model is no longer viable."Get access to exclusive coverageRead deeply reported stories from the largest newsroom in tech.Latest Articles&nbsp;Airbnb has hired famed former Apple designer Jony Ive as a creative consultant ahead of its initial public offering, CEO Brian Chesky said Wednesday. The hire is the most significant in a series of moves that has shaken up Airbnb’s creative team, a key department in a company known for its emphasis on branding. The company told employees Wednesday that longtime chief design officer Alex ...Latest Briefs&nbsp;Amazon Labs Now Conducting ‘Thousands’ of Covid Tests a DayQuibi Plans Investor, Employee Call Amid Talk of ShutdownOutsourcing IT Firm Datto Begins Trading on NYSEStay in the knowReceive a summary of the day's top tech news—distilled into one email.Access on the goView stories on our mobile app and tune into our weekly podcast.Join live video Q&amp;A’sDeep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.Enjoy a clutter-free experienceRead without any banner ads.Recent Popular Stories

Photo: Actor Tye Sheridan, from left, with filmmaker Zach Wechter and Quibi chief product officer Tom Conrad during a keynote at CES in January. Photo by BloombergJeffrey Katzenberg’s video streaming service Quibi is shutting down, said a person familiar with the situation,&nbsp;bringing down the curtain on the short-form video streaming service just six months after it launched.The closure is a stunning end to Katzenberg’s hopes of creating a new category of video entertainment, short programs of a few minutes in length that could be watched on the go. Katzenberg, a former Disney executive...

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Quibi to Shutter in Stunning End to Ambitious Venture

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