The short-video streaming service Quibi is reportedly shutting down after only six months in business.
The Wall Street Journal reported on Wednesday that the company’s founder, Jeffrey Katzenberg, called investors to let them know he was closing the struggling enterprise.
The company had reportedly been in talks to sell the platform but was unsuccessful in its attempts. In recent weeks, Quibi hired a restructuring firm to help assess options for the website’s service’s future.
Quibi was originally a service for five-to-10-minute video series. The platform’s videos were originally only available on phones, but they have since become accessible