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Quibi may be shut down if buyer not found: RPT

Yahoo Finance's Dan Roberts breaks down the latest report that Quibi is in trouble.

Video Transcript

ADAM SHAPIRO: Word on the Street. There was an ad millions of years ago, Maxwell House, storyline 30 seconds to a minute, and it became a long running story about this English couple that fell in love. Should have stayed in the 90s, Quibi, right? Because this concept, quick bites, big stories bites, the optimal word there. Dan Roberts, looks like investors in Quibi are saying see you.

DAN ROBERTS: Well, it just hasn't gotten off from the starting gate, really. I mean, this thing launched six months ago amid the pandemic. Now granted, that was very unlucky timing for something that at first when it launched, the videos were only viewable on mobile, and the initial premise which, you know, Katzenberg and Whitman were able to raise a nice chunk of money for, was quick bites on the go. The idea was all the videos are under 10 minutes or all the episodes, and you know, the advertising showed people at a bus stop or on the subway or at work or maybe another place where you look at your phone for a few minutes watching the videos.

But then the pandemic happened, and so it launched at a time when people weren't consuming content on their phones really. If you were going to watch a laid back piece of content like a show, you were going to watch it on your couch on your TV. And in fact, the first couple of months, you couldn't even stream Quibi to your TV. So first, they had to fix that.

Point being, fast forward now, the information reporting that Katzenberg has been shopping the thing around. NBC Universal passed, Facebook passed, now he has tried to unload kind of the Quibi catalog, and there are rumors that the thing is likely to just shut down. Employees have scheduled farewell drinks. This is good reporting by the information. It's also not surprising. You know, now, I wouldn't be shocked if someone comes along and buys this thing.

The question is, how low will it go? Because lots of VCs with money to throw at the wall at any tech thing are willing to do it if they think that eventually it could pick back up again. And look, after the pandemic when people are back on the go, maybe. But most remarkable is you still see headlines about new show is being picked up for Quibi. I mean, there's a whole ESPN SportsCenter for Quibi. Boy, I don't know what all those people, the talent involved in doing those Quibi shows will do if it shuts down, but none of this is very shocking.