After Just Five Months, Quibi Is Looking Into Selling

The experimental streaming platform Quibi is exploring potential options, including selling, to help break through the highly-competitive streaming service industry, just five months after the program launched.

The Wall Street Journal reported earlier today that founder Jeff Katzenberg is considering a sale or other options, such as a merger with a special purpose acquisition company, to raise funds and keep Quibi afloat. A spokesperson for Quibi refused to comment on the rumor.

Quibi has looked to revolutionize the streaming service with short-form "quick bite" series (hence, Quibi), and got off the ground with a reported $1.75 billion investment from backers. Major stars have appeared on the platform, including Kevin Hart, John Travolta, Jennifer Lopez, Chance the Rapper, Chrissy Tiegen and a host of others.

Still, the app's core idea of delivering 10-minute shows to mobile streamers hasn't clicked with a wide audience, and it's been the butt of jokes ever since its April 6th launch. It did win two Emmy Awards last night for its police drama #FreeRayshawn, but that didn't preclude it from jokes. Host Jimmy Kimmel took a dig at Quibi in his opening monologue, saying, "Congrats are in order for a young Emmy upstart named Quibi that has 10 nominations, including Outstanding Short-Form Drama Series and Dumbest Thing to Ever Cost $1 Billion."

Katzenberg and CEO Meg Whitman have blamed COVID-19 for their struggles, believing that Quibi's would thrive with commuters who are currently stuck at home.

Others have suggested that its programming could be the issue, as several Twitter users have mocked various Quibi shows for sounding more like offhand 30 Rock gags.

If Quibi's struggles continue, its very existence may itself be just a quibi in the grand scheme of life.