Quibi Reportedly Looking at Potential Sale
According to a new report from The Wall Street Journal, streaming platform Quibi is now “exploring several strategic options including a possible sale.”
Quibi originally launched in April earlier this year amid the ongoing coronavirus pandemic, hoping to tap into those staying at home due to social distancing and lockdown regulations with premium content such as new seasons of Reno 911! and other original content including Chrissy Teigen’s Chrissy’s Court and Bad Ideas with Adam Devine. Despite its efforts, it failed to compete against the likes of Netflix or Amazon Prime Video, and is now exploring options for the company’s future, including a potential sale, raising additional funds, or merging with an acquisition company.
When WSJ reached out, a Quibi spokesperson declined to comment on rumors or speculations but said that “Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform. Meg and Jeffrey are committed to continuing to build the business in a way that gives the greatest experience for customers, the greatest value for shareholders and the greatest opportunity for employees.”
In other business-related news, Nikola founder and executive chairman Trevor Milton has resigned following allegations from Hindenburg Research.
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