Quibi shutting down

Posted online

Short-form video streaming service Quibi is shutting down after just six months in operation.

"We feel that we’ve exhausted all our options," company officials said in a statement. "As a result, we have reluctantly come to the difficult decision to wind down the business, return cash to our shareholders and say goodbye to our colleagues with grace."

The founders of the company raised $1.75 billion to launch the service.

Read more from The Verge.