Short form video platform Quibi launched by Hollywood producer Jeffrey Katzenberg and former HP ceo Meg Whitman has announced that it is winding the business down and seeking a buyer for its content and tech assets.

In a statement, Katzenberg and Whitman said that “Quibi was a big idea and there was no one who wanted to make a success of it more than we did. Our failure was not for lack of trying; we’ve considered and exhausted every option available to us.”

The pair said the ultimate failure of the business to sign up enough subscribers was “likely for one of two reasons: because the idea itself wasn’t strong enough to justify a standalone streaming service or because of our timing.

“Unfortunately, we will never know but we suspect it’s been a combination of the two. The circumstances of launching during a pandemic is something we could have never imagined but other businesses have faced these unprecedented challenges and have found their way through it. We were not able to do so.”

Jon Creamer