On July 8, 2019, BBC Studios announced it had invested in Quibi. In 2019, Quibi announced it would launch in April 2020 with two pricing tiers. In 2018, Quibi raised $1 billion in funding from major Hollywood film studios, TV companies, telecommunications companies, technology companies, banks, and other investors including The Walt Disney Company, 21st Century Fox, NBCUniversal, Sony Pictures, Time Warner, Viacom, eOne, Lionsgate, MGM, Madrone Capital, Goldman Sachs, JPMorgan Chase, Alibaba Group, Liberty Global and ITV. The service targeted a younger demographic, with content delivered in 10-minute episodes called "quick bites" (with the name Quibi derived from "QUI-ck BI-tes"). In October 2018, NewTV was renamed Quibi. Quibi was founded in August 2018 as NewTV by Jeffrey Katzenberg and was led by Meg Whitman, its CEO.
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