The company didn’t name the recent investors.

The Associated Press contributed to this report. That brings the total investment in an app hardly anyone’s seen to $1.75 billion. That’s where Katzenberg is trying to play, and it’s where he’s trying to convince investors that a $4.99 streaming service with ads ($7.99 without ads) can not only survive, but thrive when it launches on April 6th. Quibi said it is shutting down just six months after the early April launch of the short-video app, having struggled to find customers. Battleground Tracker: Biden leads in Wisconsin, has edge in Arizona, A behind-the-scenes look at how mail-in ballots are processed. October 22, 2020 / 9:09 AM How do I vote in my state in the 2020 election? "We needed to really come out of the starting gate in a very big way in order for this to work," Katzenberg told Deadline. The service, which had raised $1.75 billion in funding, was run by entertainment executive Jeffrey Katzenberg and former Hewlett-Packard CEO Meg Whitman, and featured  some of the biggest corporate names in Hollywood as backers. The company is gambling on its signature Turnstyle tech, which changes the point-of-view when a phone switches from landscape to portrait mode. News provided by The Associated Press. What's the status of a second $1,200 stimulus check? There was a short version of "60 Minutes" and reality shows. "Quibi is not succeeding," its top executives bluntly declared in a letter posted online. ICE Limitations. Quibi is a media company that develops media content designed for smartphones. "While we have 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," Whitman, the CEO, said in a statement. Be in the know. Quibi, the well-funded short video app that billed itself as Hollywood's answer to TikTok and YouTube, is shutting down just seven months after launching to the public. “We’re competing against free,” Katzenberg told The Verge in January. Barry Diller, who was once Katzenberg’s boss at Paramount, co-founded the Fox Broadcasting Company, and is currently chairman of IAC, told NBC News today that Quibi is “a giant and gutsy speculation.” Diller added that “most people when they hear it aren’t overwhelmed by the idea, which makes it all the gutsier.” Still, Diller noted that Katzenberg is going all in on the idea, and that’s where much of the hype comes from: Katzenberg helped turn Disney animation around in the late ‘80s and early ‘90s under then CEO Michael Eisner. The company said Wednesday that it would wind down its operations, and plans to sell its assets.

Quibi said it is shutting down just six months after the early April launch of the short-video app, having struggled to find customers. His reputation precedes him. People who have seen shows have seen them pre-loaded on a device, meaning they haven’t had a chance to play with the app. Find out more about how we use your information in our Privacy Policy and Cookie Policy. late ‘80s and early ‘90s under then CEO Michael Eisner.

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("60 Minutes" is a property of CBS News parent ViacomCBS.) "Now, how much of this was impacted by COVID will always be unknown.". As Fox Corporation CEO Lachlan Murdoch told The Hollywood Reporter in October 2019, “If anyone can make it work, it’s Jeffrey.”, (Disclosure: Vox Media, which owns The Verge, has a deal with Quibi to produce a Polygon Daily Essential, and there have been early talks about a Verge show.). “That in there is going to be something that makes people say, ‘Oh, my God, I’ve got to see it.’”. Video streaming service Quibi, which will debut next month, has raised another $750 million in funding, according to the Wall Street Journal. This material may not be published, broadcast, rewritten, or redistributed. Legal Statement. Yahoo is part of Verizon Media. Get the latest breaking news delivered straight to your inbox. Part of the appeal of the service, which started at $5 a month, was supposed to be that you could watch short videos while out, without access to a TV. What is ballot harvesting — and should you hand your ballot to a stranger?

What happens if the president doesn't accept the election results? "There was no question that keeping us going was not going to have a different outcome, it was just going to spend a whole lot more money without any value to show for it," Katzenberg told entertainment publication Deadline in an interview. Katzenberg's connections helped line up stars to make and star in its videos, including Reese Witherspoon, Steven Spielberg and Jennifer Lopez. Trump violates agreement, releases "60 Minutes" interview, What to watch for in the presidential debate tonight, Instagram apologizes for incorrectly flagging #EndSARS posts as false, Inside Gen Z's fight for climate change action, Colorado wildfire burning 6,000 acres per hour is "getting worse", Senate Judiciary Committee approves Amy Coney Barrett's nomination, Epstein's ex denied seeing "inappropriate underage activities", Live Updates: New COVID-19 cases reported worldwide reach new high, Most serious charges upheld against ex-cop in George Floyd killing, Battleground Tracker: Latest polls, state of the race and more, 5 things to know about CBS News' 2020 Battleground Tracker, CBS News coverage of voting rights issues.

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