![]() In an open letter, Katzenberg and CEO Meg Whitman said Quibi's failure was likely due to the core of the idea as well as the coronavirus pandemic.The company raised $1.75 billion from investors but failed to attract viewers. Quibi announced Wednesday that it was shutting down just six months after launching.Employees were told Wednesday that they would be laid off and receive severance, The Journal reported.Quibi's founder, Jeffrey Katzenberg, told employees to listen to the song "Get Back Up Again" from the movie " Trolls" to help lift their spirits during the company's shutdown, The Wall Street Journal reported.
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