Poor empty theater Quibi, showing their “quick bites” to people who aren’t hungry like Facebook, WarnerMedia and Apple. Or so the article below is saying.
The Information reported, “Over the past few weeks, Katzenberg has pitched several tech and entertainment executives about buying Quibi, only to be turned down. Among those he approached was Eddy Cue, Apple’s senior vice president of internet software and services, and WarnerMedia CEO Jason Kilar, according to people familiar with the situation. He and his partner in Quibi, former HP CEO Meg Whitman, also made formal presentations to executives at other tech companies, including Fidji Simo, head of the Facebook app, only to get rejected there as well, the people said.”Quibi Reportedly Fails to Sell Assets to Apple, WarnerMedia, and Facebook
Of the three rejecting suitors, only the last one makes any kind of sense, but let’s take them one at a time.
WarnerMedia – Quibi would be of little help for HBO Max. Maybe some of their content would be worthwhile, but why pay premium for it? Wait for the fire sale. This is an easy pass.
Facebook? They are focused on VR right now and Quibi doesn’t have any VR content (at least to my knowledge). They also don’t seem to want to be in the streaming movie & TV space, so a Quibi acquisition makes less than zero sense.
Apple – this is one I’ve already mentioned could help by adding to their sparse library of content for AppleTV+. The problem, and just guessing here, is the price tag. Same as WarnerMedia, wait for the fire sale.
There are other issues that makes buying Quibi unattractive, like the infringement lawsuit for the flipscreen feature. It’s an cool feature for techie movie fans, but the vast majority of non-techie subscribers probably could care less.
Bottom line: Quibi is going to have to lower the price tag, find some way to increase their subscriber count (good luck!) and try again later.