From KCRW, I'm Kim Masters, and this is the business.

The streaming service Quibi is shutting down just six months after it launched.

This week, we bring you a mega banter on its demise,

and then we revisit our April interview with Quibi founder Jeffrey Katzenberg.

An eternal optimist, Katzenberg, has rolled the dice his whole life.

Literally 50 years ago, I was on a path as a very young man to be in the casino business

and look where it landed.

Always gambling.

Katzenberg gets into why he went ahead with the launch during the pandemic and why he was so sure at

the time that, as he put it, it's not about what we do in the first six months.

But first on the news banter, well, quibby.

Stick around.

It's the business from KCRW.

I am joined by my colleague in banter, Matt Bellany.

Hello, Matt.

Hi there.

So let's start out by listening to Jeffrey Katzenberg.

Somewhere between the idea being less than perfect, which we own and the environment we found ourselves in is where the fail has come. How much is,

you know, what each of those are in that equation? I'm not sure any of us are ever going to know,

but it didn't work. So that is Jeffrey Katzenberg, founder of Quibi, and he is talking on CNBC about the fact that Quibi is shutting down what was supposed to be a premium streaming service. You pay between five and eight

bucks a month to watch a range of short videos, eight five to ten minutes. And Jeffrey Katzenberg

is saying publicly and has said to his staff internally,

...