Quibi, Short-Form Streaming Service, Quickly Shuts Down [The New York Times]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: The New York Times
QuibiJeffrey Katzenbergsix monthsDespite raising a combined $1.75 billion in cash from each of the Hollywood studios, the Chinese e-commerce giant Alibaba and other investors, Quibi will wind down its operations and begin selling off its assets. It had searched for a buyer for the company but found no takers.“Quibi is going to go down as a case study at Harvard Business School on what not to do when launching a streaming service,” Stephen Beck, the founder and managing partner of the management consultancy cg42, said in an interview.The news of Quibi’s shutdown wasfirst reported“The world has changed dramatically since Quibi launched and our stand-alone business model is no longer viable,” Mr. Katzenberg said in a statement.Ms. Whitman added that while the company had “enough capital to continue operating for a significant period of time, we made the difficult decision to wind down the business, return cash to our shareholders and say goodbye to our talented colleagues with grace.”Qui
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