The nearly six-month-old short-form video service has struggled to attract users.
Short-form video startup Quibi is said to be exploring strategic options including a sale less than six months after its launch.
The mobile-first service founded by Jeffrey Katzenberg and Meg Whitman is working with advisors to weigh several options, including raising more money and going public through a merger, according to a report in the Wall Street Journal.
A Quibi spokeswoman declined to comment. "Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform," she said in a statement, adding that "Meg and Jeffrey are committed to continuing to build the business in the way that gives the greatest experience for customers, greatest value for shareholders and greatest opportunity for employees."