Quibi Inc. is quitting.
Late Wednesday, founder Jeffrey Katzenberg and Chief Executive Meg Whitman decided to shut down the short-form video-streaming company in an effort to return as much capital to investors as possible after discussing the company’s options with investors, the company announced.
“The world has changed dramatically since Quibi launched and our standalone business model is no longer viable,” Katzenberg said in a statement.
“While we have enough capital to continue operating for a significant period of time, we made the difficult decision to wind down the business, return cash to our shareholders, and say goodbye to our talented colleagues with grace,” Whitman said in a statement. “We continue to believe that there is an attractive market for premium, short-form content. Over the coming months we will be working hard to find buyers for these valuable assets who can leverage them to their full potential.”