Quibi is implanting pay cuts for senior executives as its two-month-old entertainment app struggles to catch on with viewers
amid the coronavirus pandemic.
Senior executives, including CEO Meg Whitman and chairman Jeffrey Katzenberg, will take a 10 percent pay cut in an effort "to tighten our belt," they wrote in a memo to staff on Wednesday morning that was shared with"Quibi is in good financial position," they said, describing the pay cuts as "the right thing to do.
Quibi launched April 6 with a 90-day free trial to lure subscribers to its slate of shortform video series from Chrissy Teigen, Antoine Fuqua, Idris Elba and others. The company, led by Whitman and chairman Jeffrey Katzenberg, had raised nearly $2 billion to bring mobile-first, bite-sized programming to people on the go. But those plans were upended by the shutdown implemented across the U.S. to prevent the spread of the novel coronavirus. in May that the app was downloaded 3.
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