Mobile streaming service Quibi exploring strategic options to raise funds

According to a report from the Wall Street Journal, Quibi, the streaming service founded by former Disney executive Jeffrey Katzenberg, is exploring strategic options including a possible sale, a funding round or going public through a merger with a special purpose acquisition company.

When asked to comment, Quibi said it does not comment on rumor or speculation.

Earlier thgis year, Katzenberg said consumers had downloaded its streaming service app more than 2.7 million times within two weeks of its launch in early April.

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

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

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