Quibi, the new streaming video service that launched in April, wants its executive team to cut their salaries by 10 percent, including for CEO Meg Whitman, the Wall Street Journal reported. The move comes after amid cost cutting concerns after a disappointing debut, sources close to the matter said.
Possible layoffs
Quibi is also thinking of letting go of around 10 percent of its employees, numbered at a bit over 250, the sources added. If the cuts take place, the layoffs would mainly affect those at the lower and middle rungs of the company. The company has already cut some lower level employees in recent, some sources added.
A company spokesperson negated the reported: “Quibi is in a good financial position. We are not laying off staff as a part of cost saving measures. We just added a dozen new employees.”
