Quibi CEO: Have enough content to last through November
Quibi CEO and former HP CEO Meg Whitman on the new platform, which creates short, mobile-friendly content and how coronavirus has impacted its rollout.
Streaming service Quibi is exploring several strategic options including a possible sale, according to people familiar with the situation, as the company founded by Hollywood mogul Jeffrey Katzenberg struggles to sign up subscribers in a competitive online-video marketplace.
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Quibi, which launched its short-form, mobile-focused video service in April, is also considering raising more money or going public through a merger with a special purpose acquisition company, or SPAC — essentially a blank-check company that helps fund deals, the people said. Quibi is working with advisers to review its options.
QUIBI KEEPS LESS THAN 10% OF SUBSCRIBERS AFTER FREE TRIAL
The review process is a sign of strain. Quibi has struggled to meet its subscriber targets after making its debut in the throes of the coronavirus crisis. The company is on pace to miss its initial paid subscriber target by a large margin, according to a person familiar with the matter. Quibi is also facing a patent lawsuit backed by a deep-pocketed foe and has disappointed advertisers with its lower-than-expected viewership.