Quibi is shutting down. Executives called investors to inform them of the closure Wednesday, The Wall Street Journal reports. The short-form video app, backed by $1.75 billion in investment and some of the biggest executives in entertainment and tech, never took off. It faced low download and viewership numbers for its mobile-only original content as soon as it launched. Quibi founder Jeffrey Katzenberg, the former CEO of Disney and a co-founder of DreamWorks Animation, had attempted to sell the company to no avail in recent weeks.
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