Quibi continues to face headwinds nearly two months after launching, but the mobile-focused streaming startup has told its staff that reports of imminent layoffs are inaccurate. In an internal memo Wednesday, founder Jeffrey Katzenberg and CEO Meg Whitman said senior executives have agreed to take a 10% pay cut “because it’s the right thing to do.” The Wall Street Journal earlier in the day had reported the startup was contemplating layoffs of up to 10% of its 250-person workforce. “Nothing has changed since our last company meeting two weeks ago,” the memo said. “Quibi is in a good financial position. As we said in that meeting, we will look for ways to tighten our belt. We are not laying off staff as a part of cost saving measures. We’ve recently added a dozen new Quibi employees.” Related Story Roku Adds Peloton App, Enabling Home Workouts Without Bikes Or Treadmills Katzenberg and Whitman also disputed a report by the New York Post‘s Page Six that staffers were unhappy that Reese Witherspoon had reportedly made $6 million to narrate a low-rated nature documentary, Fierce Queens. “We are pleased with the performance of Fierce Queens,” the memo said. “The talent compensation was utterly… Read full this story
- Yahoo Prepping Reorg and Massive Layoffs, Report Says
- Apple's TV streaming service is on pause, says CBS exec
- Senior exec says Alphabet remains 'committed' to Chrome OS
- Another senior exec leaves Microsoft
- Google+ is Not a Social Network, Says Google Exec
- The HoloLens field of view won't be getting any bigger, says Microsoft exec
- Yahoo Calls 20% Layoff Report 'Inaccurate'
- Vista was best recruiter for Linux, says IBM exec
- Antonio Brown to file grievance against Raiders, report says
- Redskins cut top tackler Mason Foster, reports say
Quibi Knocks Down Layoff Reports, Says Senior Execs Agree To 10% Salary Cut have 292 words, post on deadline.com at June 3, 2020. This is cached page on Movie Breaking News. If you want remove this page, please contact us.
