Streaming service Quibi is officially over.
As reported by Deadline and Variety, the service, backed by Jeffrey Katzenberg and Meg Whitman to the tune of nearly $2 billion, has shuttered after failing to find a buyer. The backers are expected to have a call with investors about the future of the service’s content, which includes selling the content created or the entire service in the event a buyer does come forward.
The service was only open for six months, but boasted series with high-profile stars and creators such as Antoine Fuqua, Chrissy Teigen, Anna Kendrick and Chance the Rapper, with the latter hosting a rebooted edition of Punk’d.
The process of bringing Quibi to a complete stop will take a few months, according to Deadline. Subscribers will be made aware of the end of the service soon. The end of the Quibi unfortunately means an end to many jobs in an already tough Hollywood economy. According to Deadline, around 200 employees will be let go.