Chinese Video Giant iQIYI Makes No-Cash Offer for Quibi Content (Exclusive)

WAXWORD

A term sheet obtained by TheWrap proposes a no-fee deal with the giant China-based platform

The Chinese online video giant iQIYI has made a no-cash offer to license content from Jeffrey Katzenberg’s failed short-form streaming service Quibi, TheWrap has learned.

But Quibi declined the unsolicited proposal, according to an individual with knowledge of the company. In addition, a Quibi spokesperson said the streamer — set to shut down operations on Dec. 1 — has engaged the boutique investment bank LionTree as an adviser to gather “information from all interested parties and evaluating a number of incoming proposals.”

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Sharon Waxman

Sharon Waxman

Sharon Waxman, is the founder, CEO and Editor in Chief of TheWrap. She is an award-winning journalist and best-selling author, and was a Hollywood correspondent for The New York Times.