Just six months after launching and raising $1.8 billion, Quibi is looking to make a sale. The high-profile service hasn’t picked up the way it had envisaged and the owners are admitting their failure by moving on.

The Wall Street Journal had reported that Quibi was considering many options. These options include a sale, raising more money, or going public through a merger with a special purpose acquisition company. Recode also reports that Quibi CEO Meg Whitman and founder Jeffrey Katzenberg have pitched at least one potential acquirer very recently.

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“Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform. Katzenberg and Whitman are committed to continuing to build the business in the way that gives the greatest experience for customers, greatest value for shareholders and greatest opportunity for employees,” a representative for Quibi told the Wall Street Journal.

“I’m going to continue to believe, and argue, and preach that Quibi is not a substitute or a competitor for television. Our [service] is exclusively about what you do from 7 a.m. to 7 p.m. on your phone. And what you’re doing today, if you’re in our core demographic of 25- to 35-year-olds, is you’re actually watching 60-70 min of YouTube, Facebook, Instagram, and Snapchat. That growth is now a well-established consumer habit that Quibi is sailing into,” Katzenberg told Vanity Fair in 2019.

Now it seems Katzenberg no longer believes and is now looking to discard the company. Quibi has made no comment on the possibility of a sale, but reports also say it is considering it.

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