Quibi, the struggling short-form video service launched by entertainment mogul Jeffrey Katzenberg and led by Meg Whitman, may be close to a shutdown as it runs out of options, The Information says.

The service recently tried to sell its programming catalog to companies including NBCUniversal (CMCSA +0.4%) and Facebook (FB +4.1%), though both of them passed on a potential purchase, according to the report.

Employees are saying that key strategy meetings have been canceled and many have informally scheduled goodbye drinks.

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