Streaming service Quibi explores strategic options, including sale: Report

Streaming service Quibi explores strategic options, including sale: Report

Quibi CEO Meg Whitman speaks during a Quibi keynote address
Quibi CEO Meg Whitman speaks during a Quibi keynote address at the 2020 CES in Las Vegas, Nevada, on Jan 8, 2020. REUTERS/Steve Marcus)

NEW YORK: Quibi, the streaming service founded by former Disney executive Jeffrey Katzenberg, is exploring several strategic options including a possible sale, the Wall Street Journal reported on Monday (Sep 21), citing people familiar with the matter.

The company is also considering raising more money or going public through a merger with a special purpose acquisition company, the report said.

Quibi said it does not comment on rumour or speculation.

Katzenberg told Reuters earlier this year the streaming service was downloaded more than 2.7 million times within just over two weeks of its launch in early April. 

The video service, led by former Hewlett-Packard Enterprise Co chief executive officer Meg Whitman, costs US$5 a month with ads and US$8 without them.

Quibi offers entertainment and news in episodes of 10 minutes or less on mobile phones, with its programming featuring a large roster of A-list stars including LeBron James, Chance the Rapper and Reese Witherspoon.

Source: Reuters

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