The company announced the decision to wind down and sell its assets following a report on The Wall Street Journal. After meeting its liabilities, Quibi said remaining funds will be returned to its investors as specified in the operating agreement.

Acknowledging the impact of the pandemic, founder and chairman Katzenberg said, `The world has changed dramatically since Quibi launched and our standalone business model is no longer viable. I am deeply grateful to our employees, investors, talent, studio partners and advertisers for their partnership in bringing Quibi to millions of mobile devices.`

According to a press release issued on Wednesday afternoon (October 21), the board recognised it could no longer operate long-term on a standalone basis due to `changed industry landscape and ongoing challenges`.

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Despite two #Emmys wins and raising nearly $2 billion in funding, #Quibi is shutting down six months after launch. What went wrong, at the link in bio.

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Quibi launched with 50 drama, reality and documentary shows including Liam Hemsworth and Christoph Waltz in Most Dangerous Game, Game Of Throne's Sophie Turner in Survive, and more recently Catherine Hardwicke's Don't Look Deeper.

The plan was to add episodes to existing daily and introduce new shows regularly. An illustrious roster of upcoming content suppliers included a Steven Spielberg horror show and content from Guillermo del Toro.