Roku acquires Quibi content library after service shuts down

Jan. 8 (UPI) -- Roku has acquired Quibi's content library following the short-form streaming service's demise.

Roku said in a press release Friday that Quibi programming is "coming soon" to The Roku Channel.

Quibi series Chrissy's Court, starring Chrissy Teigen, the Reno 911! and Punk'd revivals and other content will start streaming on Roku in 2021. The new content will be available for free with ads to Roku users.

In addition, Roku has the right to stream more than a dozen unaired Quibi programs, according to CNBC.

Roku shares jumped more than 5% just before noon EST following news of the deal.

Quibi was a streaming service featuring short-form content available to view on mobile devices. The service launched in April but shut down Dec. 1 after falling short of subscriber projections.

"Quibi was a big idea and there was no one who wanted to make a success of it more than we did," founders Jeffrey Katzenberg and Meg Whitman said. "Our failure was not for lack of trying; we've considered and exhausted every option available to us."