Quibi, the streaming service launched by Jeffrey Katzenberg and Meg Whitman, is shutting down six months after launch, the le journal Wall Street reports. According to WSJ, the decision to close the company was taken with the aim of returning as much capital as possible to investors. Lily WSJthe full report here.Quibi costs $ 4.99 per month and differentiates itself from other streaming services by hosting programs in 5-10 minute “chapters”. Shows have been formatted to fit smartphone screens. Some of Quibi’s programming included MTV’s rebooted prank show Punk’d (hosted by Chance the Rapper), Eric André’s “Rapper Warrior Ninja” show, and a new season of Reno 911!
Quibi would lay off its employees and pay severance pay. According to WSJ, Katzenberg suggested that Quibi employees listen to Trolls song “Get Back Up Again” (sung by Anna Kendrick) to cheer them up by following the news. In addition to closing its doors, Quibi is currently in litigation with the interactive video company Eko. Eko alleges that Quibi stole trade secrets and infringed its patents.