Short-form video streaming platform Quibi may be put up for sale after struggling to attract subscribers amid the COVID-19 pandemic.
Quibi is exploring a possible sale among several options under review with advisers, the Wall Street Journal reported, citing sources familiar with the matter. The company is also thinking about raising more money after its initial $1.8 billion cash raise, or going public through a merger with a special purpose acquisition company.
Quibi, an abbreviation for “quick bites,” was founded by Disney and DreamWorks alumni Jeffrey Katzenberg and led by CEO Meg Whitman, formerly of Hewlett Packard Enterprise. The service was designed to work on mobile devices, for a monthly subscription fee of $5 for ad-supported access and $8 for ad-free viewing.
The service pushed through with its launch in April despite the coronavirus outbreak, with Whitman saying in an interview with Digital Trends that it was fast-tracking the launch