Quibi will shut down ‘on or round’ December 1st
Quibi will shut down for good “on or round December 1st,” in accordance with a brand new weblog posted on the corporate’s help web site. The announcement comes at some point after firm executives declared Quibi was shutting down for good.
It’s unclear the place Quibi’s content material might be out there after the app shuts down. The corporate does suggest, nevertheless, following the Quibi hashtag on Twitter for any information about its library catalog. Earlier right this moment, co-founder Jeffrey Katzenberg advised CNBC the corporate is presently looking for patrons for its reveals. It’s unclear what number of of these reveals Quibi owns the rights to, or for the way lengthy, however Katzenberg mentioned he believes there have an interest events.
Quibi’s executives are presently within the technique of making an attempt to wind down the corporate and work out the right way to get traders again a part of their cash. The corporate can be nonetheless presently embroiled in an ongoing lawsuit with Eko, whose founder claims that Katzenberg’s crew ripped off Eko’s streaming know-how for Quibi’s “Turnstyle” function. Eko plans to maintain the lawsuit going regardless of the current bulletins.
Over the previous couple of months, it appeared like Quibi was doomed. Some folks predicted Quibi would in the end fail earlier than the corporate even launched. Up till this week, Katzenberg, Whitman, and different executives on the firm fought again towards these considerations. Finally, nevertheless, Quibi did fail — listed here are 11 explanation why.
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