Advisers from AlixPartners presented the board with options, including shutting down. These lawyers, academics, and former corporate insiders supplied the arguments and data that suggest modern tools can be used to perpetuate old-fashioned antitrust abuses. “I’m disappointed because I’ve seen so much over the last few months, so much lip service,” Mr. Rodal said. Netflix Analysts Positive On 2021 Lineup, Pricing Power Despite Subscriber Miss, Stocks That Hit 52-Week Highs On Wednesday, Snapchat Suggests Facebook Ad Boycott Bolstered Q3 Earnings, Netflix Driving Into A 'Dead End,' Munster Says, Netflix Plans To Trial Free Weekend Access To Lure More International Subscribers, Why This Pinduoduo Analyst Is Bullish On Chinese E-Commerce Platform, Ethereum, EOS & Litecoin - American Wrap: 10/21/2020, AUD/USD Forecast: Trading Above The 0.7100 Threshold But Lacks Bullish Momentum. Details: Quibi said in a statement that it intended to wind … Jeffrey Katzenberg and Meg Whitman in happier times. Wall Street donors keep their distance from President Trump. Now it’s back in Judge Mehta’s court. A daily collection of all things fintech, interesting developments and market updates. A retirement fund for teachers in Pennsylvania said that it wouldn’t make any new investments in Apollo’s funds, after The Times reported that Mr. Black, its C.E.O., had paid at least $50 million to Mr. Epstein, a convicted sex offender. Companies — reportedly including Apple and Facebook — were deterred by the fact that Quibi doesn’t own many of the shows on its platform. Today’s DealBook newsletter was written by Andrew Ross Sorkin and Lauren Hirsch in New York, Ephrat Livni in Washington, and Michael J. de la Merced and Jason Karaian in London. (Bloomberg), Why Wall Street is eager to plow money into electric-car start-ups with zero sales. (CNBC). The company also faced a patent-infringement lawsuit that is being financed by the hedge fund Elliott Management. One of the recommendations was to close operations. Its programming never produced any smash hits. Purdue Pharma’s settlement, which includes $8.3 billion in penalties, will end a Justice Department investigation. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. Why it matters: Quibi had struggled to hit its subscriber growth targets amid the global pandemic.The app launched six months ago. (Mr. Katzenberg told investors that Quibi would return $350 million in capital. ), Damage to some investors may be less than expected. A SPAC is a kind of holding company formed solely for the purpose of raising capital through an initial public offering. Quibi is shutting down after just six months, the company confirmed on Wednesday. Courts have ruled that the 1964 Civil Rights Act prohibiting discrimination applies only to industries it specifically lists, like movie theaters, restaurants and hotels. The company noted that its board made the decision to shutter after exploring several strategic and financial options. Most videos were 7–10 minutes in length, but shot both vertically and horizontally. Judge Thomas Jackson, who presided over the U.S. government’s antitrust case against Microsoft in the late 1990s, made little secret of his impatience with the company and gave embargoed media interviews displaying his distaste before ordering a breakup. But in big cases like the one against Google, managing public perceptions and maintaining the court’s reputation are also important, Paula Hannaford-Agor, a director at the National Center for State Courts’ project on high-profile cases, told DealBook. (WSJ), Why “Rudy Giuliani” and “Borat” are being mentioned in the same sentence. Quibi says app subscribers will receive separate notifications regarding the final date of access to the platform. “It is an issue that is best known to the lawyers who handle cases for people who experience discrimination at bank branches.”, Lawyers aren’t sure the bill goes far enough. Photo courtesy: Fortune Brainstorm TECH via Flickr. “Democrats on the Senate Banking Committee have been keeping a close eye on the Trump administration’s various efforts to roll back anti-discrimination rules, but they weren’t focused on this loophole,” Emily tells DealBook. (NYT). They propose a specialist regulator that would focus on tech companies. The C.E.O. They make every decision, from pretrial questions to the ultimate ruling. The embattled short-video streaming app announced its demise yesterday, just six months after its debut. Quibi (/ ˈ k w ɪ b i / KWIB-ee) is an over-the-top American short-form streaming platform that generates content for viewing on mobile devices. All rights reserved. But many entertainment companies produced content in round-trip deals, in which studios invested in Quibi — and then got money back to produce content. Sources tell Axios Quibi was running out of cash. Don't have a Benzinga account? Our thought bubble: Quibi argued that months of stay-at-home lockdowns pushed consumers to TV streaming services and away from mobile-only video. You may recognize Judge Mehta’s name. Register now. Two-thirds of companies say that most employees can work effectively remotely. EUR/USD Forecast: Trading At A One-Month High And Poised To Extend Its A... Privacy Policy / Do Not Sell My Personal Data. In recent months, the company had been experimenting with putting some of that programming on TV screens. What happens to Palantir if Mr. Trump loses? For weeks, he has blamed the pandemic, which reduced demand for a service meant to be watched on the go. The start-up’s demise may not be as bad for investors as it seems. Previous supporters like Steve Schwarzman of Blackstone, Steve Cohen of Point72, Stephen Feinberg of Cerberus, Henry Kravis of KKR and Paul Singer of Elliott haven’t donated to the president’s campaign since at least January, CNBC reports. There was no appeal, which antitrust experts say reflects the judge’s sound reasoning in the case. Quibi is a media company that develops media content designed for smartphones. This Nov. 17 and 18, DealBook opens its doors to our first Online Summit. (NYT), Airbnb has hired Jony Ive, Apple’s former design chief, as a consultant on new products and services. By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. A month into its debut, the company managed to garner only 3.5 million downloads and 1.3 million active users. Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images. Jeffrey Katzenberg is an investor in Axios. It includes a narrated audio version. (NYT), Iran and Russia obtained American voter registration data and are seeking to influence the election by sending threatening emails, U.S. officials said. Earlier on Wednesday, The Wall Street Journal reported that Katzenberg would be informing the board of the move. Why it matters: The settlement marks a significant step in the federal government's efforts to hold a major drugmaker responsible for the country's opioid crisis, which has been linked to hundreds of thousands of deaths. Quibi, which raised $1.75 billion prior to launching in April, has struggled to gain traction in the entertainment industry. The company, which struggled after launching during the pandemic, has exhausted all options, the letter says. Quibi is a media company that develops media content designed for smartphones. Mr. Karp acknowledges the risks of Palantir’s perceived links to Mr. Trump, which he calls “the guilt by association thing.” This is particularly the case with Immigration and Customs Enforcement, which has been criticized for raids on undocumented immigrants and separations of families at the border. As for the Google suit, the company says consumers are happy and that its deals with other companies help make products affordable. He then drew another axis, this one with “low-tech” at one end and “high-tech” at the other. This may be why Hollywood didn’t join the public criticism. But the top investigator, Deputy Attorney General Jeffrey Rosen, who represented Netscape in the Microsoft case, tells The Times’s Cecilia Kang, “the monopolist almost always says that.”. Katzenberg and Whitman said “Quibi is not succeeding,” because either “the idea itself wasn’t strong enough to justify a standalone streaming service,” or “because of our timing.”. Some say existing laws don’t work for digital business models. Judge Mehta blocked a merger between Sysco and US Foods, the country’s two largest food distributors, and the companies abandoned the deal. The app launched six months ago. says he’s a “progressive warrior.” He voted for Hillary Clinton (and is supporting Joe Biden this year), has a doctorate in social theory from Goethe University in Frankfurt and describes himself as a “racially amorphous, far-left Jewish kid who’s also dyslexic.” His personal politics and intellectual pedigree — staffers call him “Dr. Posted-In: Jeffrey Katzenberg Quibi Streaming Video On Demand SVODNews Management Events Tech Best of Benzinga, Thank you for subscribing! Quibi had blamed the COVID-19 pandemic for its lackluster launch. A third expect to permanently reduce their office footprint, according to a new survey by S&P Global Market Intelligence. Quibi's service was priced at $4.99 a month with ads and $7.99 a month without.