After six months of struggling to amass strong subscription numbers since its launch and failing to find a buyer to keep them afloat, Jeffrey Katzenberg’s mobile streaming platform Quibi is reportedly shutting down, according to The Wall Street Journal.
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According to the report, Katzenberg and CEO Meg Whitman called an investor on Wednesday to confirm that, after further review and advice from an outside restructuring firm, the service will be shutting down as the board of directors seek to cut their losses.
Unlike most streaming platforms or networks, Quibi owns none of its big-budget content, spending a minimum of $100,000 per minute, while also only holding seven-year licenses on its short-form series with the stipulation that content owners can assemble their shows and distribute them to other platforms after two years.