Quibi is in advanced talks to sell its content catalog to video-streaming device maker Roku Inc as the streaming service winds down operations, the Wall Street Journal reported on.wsj.com/3pOxBNw on Sunday, citing people familiar with the matter.
Los Angeles-based Quibi, which offered entertainment and news in episodes of 10 minutes or less on mobile phones, announced its closure in October, just six months after its launch.
The service, founded by Hollywood producer Jeffrey Katzenberg and backed by other investors, was launched on April 6 when audiences were sheltering at home to help prevent the spread of the coronavirus.
Under the terms discussed, Roku would acquire rights to Quibi’s library, the Journal said, adding that the financial terms of the deal were not disclosed and talks could still fall apart.
A Roku spokeswoman said the company does not comment on rumors and speculation.
Quibi did not immediately respond to Reuters request for comment.
News Source: Reuters