QUIBI PAY CUTS
Senior Quibi executives were asked to take a 10 percent pay cut as the short video streaming service attempts to reduce its expenses after launching in April, according to a memo the company sent to employees that was obtained by The Hill Wednesday.
“In regard to tightening our belt, our senior leadership team has volunteered to take a 10% pay cut because it’s the right thing to do,” the memo read.
People familiar with the matter told The Wall Street Journal that Quibi Chief Executive Meg Whitman will also take a 10 percent cut to her pay.
The streaming company has also reportedly discussed laying off about 10 percent of its more than 250 employees, mostly of lower and middle positions, one person told the Journal. Quibi has already removed some low-level workers in the past few weeks, sources said.
But a top Quibi executive told the newspaper there are no current plans to conduct substantial cuts.
The memo to employees said, “nothing has changed since our last company meeting two weeks ago.”
“Quibi is in a good financial position,” the memo read. “As we said in that meeting, we will look for ways to tighten our belt. We are not laying off staff as a part of cost saving measures. We’ve recently added a dozen new Quibi employees.”
A Quibi spokesperson said the streaming service is renewing shows, has announced two new shows and will announce more in the future.