Streaming service Quibi to wind down operations six months after launch

"The world has changed dramatically since Quibi launched and our standalone business model is no longer viable," founder Jeffrey Katzenberg said in a statement.The company said it would begin winding down its operations and plans to work with its legal and financial advisers over the coming months to dissolve the company and identify a suitable buyer for its assets.The Wall Street Journal reported the news earlier in the day.