Quibi founder Jeffrey Katzenberg and CEO Meg Whitman pushed back Wednesday against a Wall Street Journal report the new streaming service was considering laying off 10% of its approximately 250 employees.
Katzenberg and Whitman, in a memo sent to company employees, said “Quibi is in good financial position,” and that while the company is looking at ways to cut costs, “we are not laying off staff as part of cost saving measures.” Katzenberg and Whitman noted in the memo Quibi had recently added a dozen new employees. To save money, the company’s two leaders, along with about 11 other senior executives, will be taking a 10% pay cut.