Short-form video streaming company Quibi announced plans to shut down yesterday. Quibi launched into the highly-competitive streaming market in April after raising nearly $2B, and was led by high-profile media and technology executives including Jeffrey Katzenberg and Meg Whitman. The company plans to sell its content and technology assets and return capital to investors in the coming months.
Extra: Katzenberg and Whitman released a joint statement yesterday, noting that the company did not succeed because “the idea itself wasn’t strong enough to justify a standalone streaming service” and because of the company’s timing.
