After less than six months, Jeffrey Katzenberg is exploring a potential sale of Quibi, according to a report in the Wall Street Journal, which cited people familiar with the situation.
The short-form streaming service launched in April but has badly underperformed in gaining subscribers in the ultra-competitive streaming space. The WSJ report said Quibi is also considering other options, including another round of funding or going public through a merger with a special purpose acquisition company, or SPAC.
In a statement on the WSJ report, a company spokesperson said: “Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform.