Quibi, the short-form video streaming service that made a splash at CES 2020 with its Turnstyle feature, is shutting down, according to separate reports from The Wall Street Journal and The Information.
The Wall Street Journal reports Quibi founder Jeffrey Katzenberg called the startup’s investors on Wednesday to tell them that he plans to shutter the platform. In recent weeks, the company reportedly hired a restructuring firm to advise it. The WSJ says the firm presented its recommendations to Quibi’s board of directors this week. One was of its suggestions was that the startup wind down operations. The decision to involve a restricting firm came after the startup reportedly tried to find a buyer for its struggling business.
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