Say what you will about Jeff Katzenberg and Meg Whitman—and there are a great many unkind things to say about both of them, and indeed a goodly number of those things have, in fact, been said about them—they are not stupid, and they are not illiterate. Arrogant, out-of-touch, immune to criticism, surrounded by yes men, sure. They may even be intellectual property thieves. But they can see the extremely grim subscriber numbers and, if the e-mails we get from their representatives are any indication, they can also read. And if they can read, they can read more than just articles talking about how bad their Quibi short-form video platform is flopping. Whitman, especially, would seem likely to be aware of the billions and billions of dollars splashing around Wall Street in the form of blank-check companies that literally anyone can and has launched. And perhaps one or more of them would like to buy a $1.75 billion hole filled with content no one asked for or is interested in paying for, and which may eventually be completely upended by Paul Singer? Sure, it doesn’t sound like a very attractive option, but Airbnb doesn’t seem to be available and the number of SPAC suitors in need of a mate continues to grow.
Streaming service Quibi is exploring several strategic options including a possible sale, according to people familiar with the situation… Quibi, which launched its short-form, mobile-focused video service in April, is also considering raising more money or going public through a merger with a special-purpose acquisition company, or SPAC—essentially a blank-check company that helps fund deals….
The company has enough cash on hand to last for the next several months and isn’t in danger of shutting down imminently….