01.11.21 - Roku will acquire more than 75 shows and documentaries created by Quibi and Hollywood-based studios, the company said in a statement.
Quibi announced its plans to shut down in October, a little over six months after the streaming service launched. The company, which was led by former HPE CEO Meg Whitman and former Walt Disney Studios chairman Jeffrey Katzenberg, was backed by investors including MGM Studios, Alibaba Group and Warner Bros.
Quibi, short for “quick bites,” was meant to be entertainment for people on-the-go. Its programming wasn’t longer than 10 minutes and was made for smartphones. But the pitch to viewers didn’t land.
Still, investors had put nearly $1.8 billion in funding to back the project. Quibi’s $750 million private equity round in March was the largest round of funding raised by a company in the media and entertainment space last year.
Source: Crunchbase News