(Reuters) – Streaming service Quibi said on Wednesday it intends to wind down its operations and start a process to sell its assets, just six months after its launch.
“The world has changed dramatically since Quibi launched and our standalone business model is no longer viable,” founder Jeffrey Katzenberg said in a statement.
Quibi offers entertainment and news in episodes of 10 minutes or less on mobile phones, initially promoted for on-the-go viewing.
The company said it would begin winding down its operations and plans to work with its legal and financial advisers over the coming months to dissolve the company and identify a suitable buyer for its assets.
The Wall Street Journal reported the news earlier in the day.
(Reporting by Ayanti Bera in Bengaluru; Editing by Anil D’Silva and Maju Samuel)
