Meg Whitman Defends Quibi's $1.4 Billion Investment as 'A Big Bet'
Ben Bergman is the newsroom's senior reporter, covering venture capital. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks. Follow him on Twitter.
With the highly-anticipated launch of the byte sized mobile streaming service Quibi a little more than two months away, CEO Meg Whitman defended the company's massive $1.4 billion fundraising total in front of a roomful of investors and company founders in Pasadena.
"There's no question it's a big bet," she said. "We had to raise enough money to create at launch a completely immersive experience."
Whitman pointed out that Quibi is the first streamer to start without a library, so everything has to be made from scratch. The service will launch April 6th with 50 shows. There are a total of 175 shows planned. "We're actually creating content uniquely shot for the phone, not crammed onto it," she said.
Quibi is offering generous terms to creators, which is why it has been able to attract A-listers like Steven Spielberg and Reese Witherspoon.
"We made it super financially attractive to them," said Whitman. She said Quibi is paying up to $6 million dollars an hour for shows that will be divvied up into episodes that are a few minutes long. In an unusual arrangement, Quibi pays production costs and creators get 20 percent of profits. Most crucially, creators own their own intellectual property after six years.
The Upfront Summit is expected to attract more than 1,200 attendees flocking to the Rose Bowl Jan. 29-30. The invite-only event brings together a diverse mix of entrepreneurs networking with venture players armed with billions of dollars in capital, and headlined by presentations from business leaders including Steve Ballmer, Quibi's Whitman, and Union Square Ventures' Fred Wilson.
Links to the conference agenda and the livestream can be found here.
Upfront Ventures holds a non-controlling, minority interest in dot.LA
Subscribe to our newsletter to catch every headline.
It's never been a better time to "murder your thirst."
Seven months after raising more than $9 million in Series A funding, Santa Monica-based canned water startup Liquid Death has raised $23 million in Series B funding.
The round was led by an unnamed consumer-focused family office and participated in by Convivialité Ventures, Fat Mike (NOFX), Pat McAfee, existing investor in Velvet Sea Ventures and others.
Their Russian investor was dead.
On a late Tuesday night in early May, the billionaire Russian coal tycoon, Dmitry "Dima" Bosov stopped answering phone calls and messages. When his wife, Katerina, arrived at their mansion in the suburbs of Moscow, she found her 52-year old husband locked in the family's home gym, dead from an apparent gunshot wound to the head.
Editor's Note<p><em></em><em>The story is pieced together from interviews with more than 40 former employees and business associates, active and retired county officials, as well as federal and county law enforcement; state court records, arbitration, arrest and corporate records in the U.S. and Canada; other public records in six California counties; Genius Fund corporate records and emails. Some former employees and business associates spoke to dot.LA on condition that their names not be mentioned out of fear of reprisals.</em></p><p>This is first story in our "Green Rush" series. Read more:</p><p><a href="https://dot.la/genius-fund-cannabis-startup-2646866270" target="_self">Part 2: Growing Pains in Plumas County</a> | <a href="https://dot.la/cannabis-products-genius-fund-2646866366.html" target="_self">Part 3: A Line of Failed Products</a> | <a href="https://dot.la/green-rush-genius-fund-2646866354.html" target="_blank">Part 4: What Went Down in Adelanto</a> | <a href="https://dot.la/dmitry-bosov-genius-fund-2646866356.html" target="_self">Part 5: The Sudden Death of Dmitry Bosov And His Dream of a California Cannabis Empire</a></p>
- Genius Fund's Plans to Build the Biggest Pot Farm in CA' - dot.LA ›
- Is the Green Rush Over? - dot.LA ›
- Green Rush: What Went Down in Adelanto - dot.LA ›
- The Death of Dmitry Bosov and His Dream of a Cannabis Empire - dot.LA ›
- LA Metal Icon Expands His Cannabis and Design Brand into Nevada, Arizona - dot.LA ›