Quibi, the streaming service started by Jeffrey Katzenberg and Meg Whitman, is shutting down six months after launching, the Wall Street Journal reports. According to WSJ, the decision to shutter the company was made in an attempt to return as much capital to investors as possible. Read WSJ’s full report here.
Quibi cost $4.99 a month and differentiated itself from other streaming services by hosting programs in 5-to-10 minute “chapters.” The shows were formatted to fit smartphone screens. Some of Quibi’s programs included MTV’s rebooted prank show Punk’d (hosted by Chance the Rapper), Eric André’s “Rapper Warrior Ninja” show, and a new season of Reno 911!
Quibi will reportedly lay off its employees and pay severance. According to WSJ, Katzenberg suggested that Quibi staffers listen to the Trolls song “Get Back Up Again” (sung by Anna Kendrick) to lift their spirits following the news. In addition to closing its doors, Quibi is currently in a legal dispute with interactive-video company Eko. Eko alleges that Quibi stole trade secrets and violated its patents.