Disney, NBCUniversal, Viacom, Sony Pictures Entertainment, WarnerMedia, Lionsgate, MGM, ITV, Entertainment One — the list of Hollywood heavy hitters that poured money into Quibi is a veritable who’s who of entertainment industry giants. Now, with the reported closure of the mobile streaming startup led by Jeffrey Katzenberg and Meg Whitman, just six months after launching, so goes nearly $2 billion in investment dollars.
Initially dubbed “NewTV” and housed under the holding company WndrCo, Katzenberg and Whitman courted and secured $1 billion in seed-funding in 2018 from every major Hollywood studio, as well as venture capital firm Madrone Capital Partners, major banks Goldman Sachs and JPMorgan Chase & Co, and John Malone’s Liberty Global. The company also won an investment from China-based e-commerce giant Alibaba Group, which owns major streamer Youku Tudou.
Quibi would later close a second round of funding, adding $750 million to its coffers just a month before the service launched to the public in April of this year, bringing its total investment sum to $1.75 billion. And Whitman told Variety last year that the company had sold $100 million in upfront ad inventory well ahead of its launch.
Despite the skepticism Katzenberg and Whitman’s company has faced since its founding, those high-profile investments offered industry watchers a sense that Hollywood’s legacy institutions thought the startup had a chance at breaking through the noise with its highly produced bursts of TV and movie content.
Quibi CFO Ambereen Toubassy had told Variety in March that the second raise provided Quibi with a “very strong cash runway” that would give it “tremendous flexibility and the financial wherewithal to build content and technology that consumers embrace.”
As more begins to trickle out about the state of the company, sources say Quibi has an all-hands internal meeting set for 6 p.m. ET today.
Radhika Apte reveals real reason why she got married
Radhika Apte needs no introduction to Kollywood fans after her appearance as Superstar Rajinikanth’s wife in ‘Kabali’ directed by Pa Ranjith. The intense actress impressed with her performance of a meek girl to a mother of a grown-up and especially her reunion scene with Rajini took the audience on an emotional ride.
Radhika is happily married to her British boyfriend Benedict Taylor who is a singer and she shuttles between Mumbai and London to balance her personal and professional life.
Radhika Apte in her most recent interaction with Vikranth Massey on social media from London has admitted that she does not believe in the institution of marriage. When asked why she got married the talented performer replied that it is easier for married people to get a British visa and that’s why she and her man opted for it in 2012.
Radhika is currently chilling with Taylor in their London home during the lockdown and will soon start filming her next English film ‘Noor Inayat Khan’ in which she plays a spy based on a true story.
Jacqueline Fernandez shares picture of her being in ‘happy place’
Actor Jacqueline Fernandez is working on a secret project where she found herself in a ‘happy place’. Taking it to Instagram on Sunday, the 35-year-old actor shared a picture dressed up like a traffic police officer as she is seen laughing her heart out.
“How was everyone’s Sunday?? Fun project coming up soon! #myhappyplace,” wrote Fernandez along with a picture where she is also seen holding a coffee mug. The ‘Kick’ actor also shared a few Instagram stories of her getting ready for the upcoming project.
Recently, the actor extended gratitude to her fans after the number of Instagram followers hit the 46 million mark.
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Why an ‘active’ approach to risk modelling is key to navigating markets today
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