Quibi, the start-up streaming service founded by the Hollywood mogul Jeffrey Katzenberg, is already exploring a sale.
The Wall Street Journal reported that faced with poor subscriber take-up, the short-form mobile streaming platform, is also considering raising more money or going public through a special-purpose acquisition company that would effectively provide a near ‘blank cheque’ for future funding. A review of which option the business might take is currently underway.
Quibi has declined to comment on the report, telling the WSJ “Mr. Katzenberg and Chief Executive Meg Whitman “are committed to continuing to build the business in the way that gives the greatest experience for customers, greatest value for shareholders and greatest opportunity for employees.”
Competition for the streaming dollar is rife with Netflix, Amazon Prime Video, Disney+, Peacock, HBO and the revamped CBS Paramount+ among those waiting in the wings.
In the United States and Canada, Quibi is offering an ad-supported version of the app for $4.99. An ad-free version costs $7.99.