The nearly six-month-old short-form video service has struggled to attract users.
Short-form video startup Quibi is said to be exploring strategic options including a sale less than six months after its launch.
The mobile-first service founded by Jeffrey Katzenberg and Meg Whitman is working with advisors to weigh several options, including raising more money and going public through a merger, according to a report in theA Quibi spokeswoman declined to comment.
Quibi launched April 1 with nearly $2 billion in backing from Alibaba, Madrone Capital and every major Hollywood studio. It had a large slate of short-form programming, all under 10 minutes per episode, fronted by such bold names as Chrissy Teigen, Liam Hemsworth, Sophie Turner, Anna Kendrick and Laurence Fishburne.
But in spite of the money Katzenberg and Whitman poured into the service, it has struggled to gain traction with subscribers. The company said in June that Quibi had been downloaded 4.5 million times and had 1.6 million subscribers.
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