Streaming service Quibi Inc., the mobile-platform network founded by Jeffrey Katzenberg and headed by ex-Hewlett Packard Enterprise Co. (HPE) Chief Executive Meg Whitman, is exploring strategic options including a possible sale, according to a Wall Street Journal report on Monday. Quibi immediately declined on the report. Despite raising more than $1.4 billion and pouring millions into TV advertising, the Hollywood-based venture has struggled to gain a wide audience amid fierce competition from Walt Disney Co. (DIS), Apple Inc. (AAPL), Netflix Inc. (NFLX), and Amazon.com Inc. (AMZN), among others. "Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform. Meg and Jeffrey are committed to continuing to build the business in the way that gives the greatest experience for customers, greatest value for shareholders and greatest opportunity for employees. We do not comment on rumor or speculation," a company spokesperson said.
-Jon Swartz; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 21, 2020 14:02 ET (18:02 GMT)
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