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Streaming service Quibi explores strategic options, including sale - WSJ

·1-min read
FILE PHOTO: Quibi founder Jeffrey Katzenberg speaks during a Quibi keynote address at the 2020 CES in Las Vegas
FILE PHOTO: Quibi founder Jeffrey Katzenberg speaks during a Quibi keynote address at the 2020 CES in Las Vegas

(Reuters) - Quibi, the streaming service founded by former Disney executive Jeffrey Katzenberg, is exploring several strategic options including a possible sale, the Wall Street Journal reported on Monday, citing people familiar with the matter.

The company is also considering raising more money or going public through a merger with a special purpose acquisition company, the report said. (https://on.wsj.com/3ciUqn0)

Quibi said it does not comment on rumor or speculation.

Katzenberg told Reuters earlier this year the streaming service was downloaded more than 2.7 million times within just over two weeks of its launch in early April. (https://reut.rs/2EoKhsE)

The video service, led by former Hewlett-Packard Enterprise Co <HPE.N> chief executive officer Meg Whitman, costs $5 a month with ads and $8 without them.

Quibi offers entertainment and news in episodes of 10 minutes or less on mobile phones, with its programming featuring a large roster of A-list stars including LeBron James, Chance the Rapper and Reese Witherspoon.

(Reporting by Ayanti Bera in Bengaluru; Editing by Aditya Soni)