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Quibi reportedly exploring a possible sale

Company said to be looking to be acquired or conduct an IPO

Streaming startup Quibi is looking to be acquired or conduct an initial public offering through a special purpose acquisition company (SPAC), among other potential moves, according to the Wall Street Journal.

The short-form streaming service launched in April and has yet to release subscriber numbers.

Founded by Jeffrey Katzenberg and led by CEO Meg Whitman, Quibi is backed by $1.75 billion in investment from companies including ITV, Disney, Comcast NBCUniversal, AT&T/WarnerMedia and ViacomCBS.

“Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform,” the company said in a statement responding to the WSJ report. “Meg and Jeffrey are committed to continuing to build the business in the way that gives the greatest experience for customers, greatest value for shareholders and greatest opportunity for employees.”

But the company, which has blamed its early struggles on a pandemic market it wasn’t designed to serve, is reportedly looking at options.