Utechpus
  • Home
  • News
  • US
  • World
  • Politics
  • Business
  • Technology
  • Opinion
  • Health
  • Sports
  • Media
Friday, February 26, 2021
No Result
View All Result
  • Home
  • News
  • US
  • World
  • Politics
  • Business
  • Technology
  • Opinion
  • Health
  • Sports
  • Media
No Result
View All Result
Utechpus
No Result
View All Result
Home News Bussiness

Jeffrey Katzenberg’s Quibi takes shot at billionaire’s personal life

admin by admin
February 20, 2021
in Bussiness
0
Jeffrey Katzenberg’s Quibi takes shot at billionaire’s personal life
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Quibi, the defunct streaming service founded by Hollywood mogul Jeffrey Katzenberg, wants to know whether Elliott Management’s financing of a patent lawsuit against it was motivated by a personal relationship between the hedge fund’s billionaire founder and a top executive.

In a brief filed late Thursday, Quibi questioned a romantic relationship between Paul Singer, Elliott’s founder and chief executive, and a coworker whose son is employed by Eko, the interactive-video company claiming trade-secret theft by Quibi.

“Elliott’s motivation for involvement in the lawsuit appears personal,” the filing said.

Quibi lawyers in Los Angeles federal court filing demanded access to communications between Elliott and Eko, as well as depositions from Singer, 76, and his girlfriend, Terry Kassel, 70, who is also Elliott’s head of strategic human resources.

Kassel’s son, Stephen Backer, holds a senior position at Eko, according to the filing.

Backer did not immediately respond to requests for comment.

Paul Singer
Paul Singer at the World Economic Forum in Davos, Switzerland, on Jan. 21, 2015.
Getty Images

Elliott on Friday blasted the filing as a desperate attempt by Quibi to deflect from the issue at hand. “The irrelevance of Quibi’s focus on personal matters in order to put forward a false narrative about Elliott’s role related to this case demonstrates Quibi’s reluctance to engage forthrightly on the actual underlying legal issues,” said Richard Zabel, Elliott’s general counsel and chief legal officer.

“Elliott decided to finance this litigation because we strongly believe that Eko will prevail in its claim that Quibi stole its valuable intellectual property.”

An Elliott spokesman declined to comment on the personal life of Singer, a high-powered and notoriously private financier and political donor worth an estimated $3.6 billion, according to Forbes.

A source familiar with the matter told The Post that the CEO’s relationship with Kassel predates the court battle between Quibi and Eko saga. The couple has been in a committed romantic relationship for roughly a decade, and their relationship is known to people at Elliott, this person said.

As The Post exclusively reported last year, Quibi has taken the unusual route of fighting the patent lawsuit by hiring private investigators to dig up dirt on Singer and Eko founder Yoni Bloch.

Ex-Eko employees who have fielded calls from Quibi’s private eyes said the investigators focused not on the technology but on Bloch’s management style, Eko’s work culture and internal disputes that might be brewing beneath the surface.

Eko sued Quibi in March 2020 over the app’s “turnstyle” feature, which allowed viewers to play different videos depending on how they are holding their phone — vertically or horizontally. Eko claimed the feature infringed on its technology, which Quibi has denied.

Quibi launched in April during the height of the pandemic only to shutter six months later, marking Hollywood’s biggest flop in recent memory.

But the lawsuit continues to wind its way through the court and Singer’s Elliot has been bankrolling the suit for Eko, which gave the hedge fund an equity stake.

“Discovery will reveal whether Elliott’s stated confidence in Eko’s claims is based on evidence or based on fabrication and a personal favor,” Quibi’s filing said.

Quibi argued to subpoena Singer and Kassel in a filing made earlier this week. Elliott has opposed those efforts.

The tit-for-tat offers a rare glimpse into Singer’s personal life. Professionally, he is known for going to extreme lengths to make good on his investments, including the time in 2012 when Elliott seized an historic Argentinian naval vessel in an effort to recoup some $600 million in bonds he purchased as Argentina was headed for default in 2001.

Elliott is also a major player in what’s known as litigation finance, or funding lawsuits in order to collect on the winnings.

Katzenberg and Quibi partner Meg Whitman raised $1.75 billion from investors to jumpstart Quibi, which offered highly produced shows under 10 minutes targeted at on-the-go consumers. Quibi attracted stars such as Liam Hemsworth, Jennifer Lopez and Kevin Hart for its short-form episodes, as well as investments from the likes of Disney and NBCUniversal.

But it launched during the pandemic, when people stopped commuting or even waiting in line for coffee as often as before. The service struggled to gain viewers and advertisers began looking to defer payments.

The app sold its content library to video-streaming company Roku for less than $100 million last month.



Source link

Previous Post

A second Google A.I. researcher says the company fired her.

Next Post

‘Superman & Lois’ star Tyler Hoechlin on how he’s like Superman

Next Post
‘Superman & Lois’ star Tyler Hoechlin on how he’s like Superman

'Superman & Lois' star Tyler Hoechlin on how he's like Superman

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Pennsylvania Hospital patient stabs doctor in head, face

Pennsylvania Hospital patient stabs doctor in head, face

February 25, 2021
Italian landslide sends 200 coffins falling into the sea

Italian landslide sends 200 coffins falling into the sea

February 24, 2021
Luis Rojas watched these Mets pitchers from unusual spot

Luis Rojas watched these Mets pitchers from unusual spot

February 26, 2021
Utah Jazz are the dominant NBA team no one is talking about

Utah Jazz are the dominant NBA team no one is talking about

February 25, 2021
Louvre gets a much-needed makeover thanks to COVID closure

Louvre gets a much-needed makeover thanks to COVID closure

February 20, 2021
Bitcoin heads for biggest weekly loss since March

Bitcoin heads for biggest weekly loss since March

February 26, 2021
Why Harry Styles’ relationship with Olivia Wilde is not so uncommon

Why Harry Styles’ relationship with Olivia Wilde is not so uncommon

February 20, 2021

How Ciryl Gane rose to a UFC main event so quickly

February 26, 2021

On Federal Appeals Courts, a Spike in Partisanship

February 22, 2021

Feds bust NY Capitol rioter who photographed congressional documents

February 26, 2021

‘Black Panther’ Lives Up To The Hype – And Then Some: HuffPost Verdict

January 3, 2021

Women caught dressing like ‘grannies’ at COVID vaccine site

February 24, 2021

Democrats ask Biden to give up power to launch nuclear bomb

February 25, 2021

Johnson & Johnson’s Vaccine Works Well and May Curb Virus Spread

February 24, 2021

Children Are Consuming Hand Sanitizer. Here’s How to Keep Them Safe.

February 25, 2021

Maren Morris, Chris Stapleton lead Country Music Award 2021 nominations

February 26, 2021
Utechpus

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories

  • Apps
  • Bussiness
  • Entertainment
  • Fashion
  • Food
  • Gadget
  • Gaming
  • Health
  • Lifestyle
  • Mobile
  • Movie
  • Music
  • News
  • Politics
  • Science
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

Recent News

How Golden Globe nominee Andra Day became Billie Holiday

How Golden Globe nominee Andra Day became Billie Holiday

February 26, 2021
Jairzinho Rozenstruik ready for Ciryl Gane’s test

Jairzinho Rozenstruik ready for Ciryl Gane’s test

February 26, 2021

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Entertainment
    • Gaming
    • Movie
    • Music
    • Sports
  • Lifestyle
    • Fashion
    • Food
    • Travel
    • Health
  • News
    • Bussiness
    • Politics
    • Science
    • World
  • Tech
    • Apps
    • Gadget
    • Mobile

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.