The short-form video startup Quibi is now a short-lived platform.
The streaming video app from Hollywood studio bigwig Jeffrey Katzenberg and former eBay head Meg Whitman is pulling the plug after a disappointing few months for the well-funded service after it failed to find a foothold.
Katzenberg, a fixture in the entertainment industry, called investors today to tell them that the service would shut down, The Wall Street Journal first reported. The company will be holding a call with investors later this evening to update them on the Quibi’s status.
UPDATE: In an open letter published on Medium after the conference call, Katzenberg and Whitman offered an explanation—and a tepid plea for understanding—for the company’s demise to Quibi’s employees, investors and partners.