QUEBI Says Senior Executives Cut 10% Salary, Rejects Layoffs – Variety Report

Two months after the launch of Jeffrey Katzenberg’s ambitious mobile-video subscription startup – Quibi is taking a belt-tightening move in the initial number of frustrations.

However, the লার 1.755 billion funding company has denied allegations that it is considering cutting the QUB.

“We are not offering employee discounts as part of the cost-cutting system,” Quiber CEO Katzenberg and Meg Whitman wrote in a memo to employees who were paid on Wednesday. Diversity. “We’ve recently added a dozen new QUBE employees.” Page Six of the New York Post reported that “Quebec may have to implement cutbacks,” citing an unnamed source, while the WSJ report said the company was considering retaining 250% of its workforce.

Katzenberg and Whitman also told employees that while Quibi is in “a good financial position,” the company’s senior executives are voluntarily taking a 10% pay cut “because it’s the right thing to do.”

According to Quibi, more than 1.6 million users have signed up for the free 90-day trial since its launch in April, and the app has been downloaded more than 4.5 million times. The initial audience was “not even close to what we wanted,” Katzenberg admitted in an interview with the New York Times last month. “I blame the coronavirus for everything that went wrong. Everything. “

The six-page story claims that Quibi Rider paid Witherspoon million 6 million to document “Fear’s Queens” nature documentaries, and the situation was “found by Quibi staffers” because the show was relatively unpleasant. Jim Toth, a former longtime CAA agent and Witherspoon’s husband, joined Quibi early last year as head of content acquisition and talent.

In their memo, Katzenberg and Whitman called Page Six’s article “completely wrong” and said the ার 6 million compensation for Witherspoon was “absolutely wrong.”

“We are grateful to Ridge for the continued support of Quibi. We are proud of the work that Jim Toth and the content team do every day, “the executives wrote in the memo.” Their dedication and commitment to their work is unparalleled and we are fortunate to have them on our team.

Quibi is renewing the show and has already announced two renewals – Jennifer Lopez’s “Thanks a Million” and “Dismantled”, a cooking competition hosted by Titus Burgess.