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Quibi Will Close Down in One of Hollywood’s Biggest Flops

‘Failure was not for lack of trying,’ the video startup says
Katzenberg venture blames the pandemic for business’s failure

The Quibi short-form mobile video service application is displayed on a smartphone in an arranged photograph taken in Arlington, Virginia, U.S., on Tuesday, April 21, 2020. After raising almost $2 billion from investors across Hollywood, Silicon Valley and Wall Street, Quibi Holdings LLC launched this month offering movies and shows that are chopped up into roughly seven-minute segments.Photographer: Andrew Harrer/Bloomberg

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By Kelly Gilblom

October 21, 2020 at 4:13 PM EDT

Updated on

October 21, 2020 at 7:30 PM EDT

Quibi Holdings LLC, the short-video upstart founded by movie mogul Jeffrey Katzenberg, won’t have a Hollywood ending.

The company announced Wednesday that it plans to wind down operations and sell its assets after failing to attract enough viewers. After debts are paid, any remaining funds will be returned to investors, who put up $1.8 billion to launch the ambitious startup.

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