But it only took Jeffrey Katzenberg eight days to recover after being shown the door at Disney, where he’d headed its motion picture division for 10 years. Jeffrey Katzenberg was mentored by media mogul Barry Diller in the '70s and later worked on hits including 'The Little Mermaid' and 'Shrek.' The deal, which amounted to $3.8 billion, netted Katzenberg $21 million and stock options worth over $400 million. “He invested in me. For context, its initial goal was 7 million paying subscribers within the first year. The Wall Street Journal reported on Wednesday that Quibi will be shuttering in an effort to return some capital to investors, citing sources familiar with the matter. Seven features crossed the $600 million threshold. Build a company culture where both you and your employees thrive. The company was also hobbled by a lawsuit over the technology it uses to rotate videos based on the orientation of the user's phone. But original and unique is risky. "Quibi is not succeeding," Katzenberg and Whitman wrote in a letter to employees. "If something goes a little wrong, well you can go ahead and bring it on," actress Anna Kendrick sings on the song, "'cause if you knock me over, I will get back up again. Fast Company's Nicole LaPorte reported that Katzenberg stepped down as CEO upon NBCUniversal's acquisition of DreamWorks in 2016. Jeffrey Katzenberg, the mind behind shuttering streaming service Quibi, is preceded by an impressive resume, from revitalizing Disney’s animation in the 1990s to cofounding DreamWorks. David is a television producer and director. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. Its content didn't seem to strike a chord with viewers, even though Quibi projects featured names like Chrissy Teigen and Liam Hemsworth. DreamWorks produced three back-to-back Best Picture Academy Award winners: "American Beauty" (1999), "Gladiator" (2000), and "A Beautiful Mind" (2001). And that was the end of my college career.”. ", Streaming service Quibi to end after six months. Incredible Blanket Puts Humans In A Deep Sleep, Melting Stress Away, © Daniel Boczarski/Getty Images for Quibi, Visit Business Insider's homepage for more stories, told Lindsay's chief of staff Jay Kriegel, work for the mayor and held political organizer jobs. The... Tech Report: Quibi calls it quits after 6 months, Quibi apps arrive on Apple TV, Android TV, Fire TV, Terms & Conditions  |  Content Accreditation, Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy. Getting fired while seemingly at the apogee of a career would faze most executives. "He invested in me," Katzenberg told Stanford students in 2018. He was responsible for 2001's smash hit "Shrek" — which grossed $484 million worldwide and won the first Academy Award for Best Animated Feature — 2004's "Shark Tale, " 2005's "Madagascar," and 2008's "Kung Fu Panda.". An early adopter of CGI animation, Katzenberg won the first Oscar in the Best Animated Feature category for 2001's "Shrek. The ups and downs of Katzenberg’s career have taught him something about overcoming obstacles: “When you’re put in the wrong place at the wrong time, you learn amazing things about life, you experience moments of sacrifice, and learn how to be a leader.”. Katzenberg's first film as executive producer was 1998's animated "The Prince of Egypt," which marked the studio's first attempt to be an alternative to Disney. Wiki User Answered . In a May 11 interview with The New York Times, Katzenberg blamed the coronavirus for "everything that has gone wrong" for the app, which launched in April. They detailed Katzenberg as deeply involved in every aspect of the company, even in decisions as minute as wardrobe. 14 Democratic hopefuls heading into the 2020 election. American short-form mobile video platform Quibi has just launched apps for Apple TV, Android TV and Fire TV. Quibi, the short-form video app founded by Hollywood mogul Jeffrey Katzenberg, is calling it quits after just six months. A spokesperson for Quibi did not return Business Insider's request for comment on this story. ", Like us on Facebook to see similar stories, Nearly 50 people sick after fellowship event at a small church in Maine, Workers who lost jobs because of COVID-19 find new careers in these fields. ", Estimates of Katzenberg's net worth vary, but a Los Angeles Times. The company was founded by Disney (DIS) and DreamWorks alumnus Jeffrey Katzenberg and former Hewlett Packard and eBay CEO Meg Whitman. Jeffrey Katzenberg went to what college? And when I said it, I meant it,” he says. The streaming service company announced the change in an updated support article. Diller moved Katzenberg from job to job within Paramount, eventually making him president of production when he was just 29. Asked by Wiki User. He offloaded that cabin in 2019 for $11.6 million, per the Los Angeles Times. The studio also made a name for itself with a series of critically acclaimed feature films. first animated film to be nominated for Best Picture at the Oscars. According to Variety, he alleged that he was owed at least 2% of studio profits from his decade-long tenure — which would amount to $250 million. In 2018, he told Stanford Graduate School of Business students that he thought he "could do better" working for the mayor than "in a college classroom." Answer. Katzenberg founded DreamWorks with movie mogul Steven Spielberg and billionaire David Geffen, a music industry veteran. He didnt go to college. Jeffrey Katzenberg and Meg Whitman’s heavily funded streaming service didn’t change everything after all. When he was 14, Katzenberg volunteered to work on Republican John Lindsay's successful New York mayoral campaign. There is a moment in time in which you actually have to find those things that make you whole as a human being, and then make you better at what you’re doing.”, Successfully managing a company is about finding great ideas and finding great talent, says Katzenberg. ", It also taught him, as he later told Lindsay's chief of staff Jay Kriegel, the "supreme importance of minding the smallest details, of not accepting the bureaucratic 'no,' of returning calls, of staying focused on the big picture and, most of all, of always striving to do your very best to exceed expectations.". The media industry veteran shares the lessons he learned after being fired — twice. Quibi, the $2-billion streaming service, has died. Jeffrey Katzenberg. Facebook’s COO on how to pursue a meaningful and successful career. "And the only reason I could do the job is because he had taken the time to actually train me and give me the resources to function in the job.". They also serve on the board on Cedars-Sinai Medical Center. When you’re put in the wrong place at the wrong time, you learn amazing things about life, you experience moments of sacrifice, and learn how to be a leader. Neither did Katzenberg — who dropped out of NYU in his first semester — or his partners at DreamWorks. In January 2018, he hired former seasoned Silicon Valley mogul Meg Whitman as CEO and together they raised $1.8 billion from investors like Disney, Sony, and Alibaba group. ", The apologetic letter continued: "Our failure was not for lack of trying; we've considered and exhausted every option available to us.". 2013-03-13 21:21:28 2013-03-13 21:21:28. Meet Jeffrey Katzenberg, the Hollywood veteran who went from dropping out of college to founding DreamWorks and the shuttering streaming service Quibi Thursday, 22 October 2020 ( 8 minutes ago ) Jeffrey Katzenberg was mentored by media mogul Barry Diller in the '70s and later worked on hits including "The Little Mermaid" and "Shrek." But it debuted in a world where viewers were almost certainly staying put amid a global pandemic. In the 1990s, Katzenberg told the Hollywood Reporter's Kim Masters that he had been promised a promotion to president of the company, but was passed over. Jeffrey Katzenberg: How Failure Makes a Better Leader, Stanford Innovation and Entrepreneurship Certificate, Building Teams to Tackle the Most Challenging Problems, VCs and COVID-19: We’re Doing Fine, Thanks, Question Your Questions: How to Spark Creativity in Your Communication, Chamath Palihapitiya: Why Failing Fast Fails, Sheryl Sandberg: Develop Your Voice, Not Your Brand. “The police went on strike in New York City, which had never happened before. Tech Report: Quibi calls it quits after 6 months After dropping out of college, he continued to work for the mayor and held political organizer jobs until making the move to Hollywood in 1975. Daniel Boczarski/Getty Images for Quibi. hundreds of millions in ad buys from major brands like PepsiCo. He sold one — a Mediterranean-style mansion — for a little over $9.3 million in 2012. “If you don’t allow some failure in the equation, you’re not going to have people do things that are risky and unique or that are unique and original.”, Everyone who follows business news likely knows that tech billionaires Bill Gates, Michael Dell, and Mark Zuckerberg never finished college. tborden@businessinsider.com (Taylor Borden). “Suddenly, the relaxed nature of sitting at a table with somebody coming and bringing food and eating just gave me an ability to connect with people way, way, way better than I could across a desk in an office or sitting on the other side of a couch.”, Earlier in his career, Katzenberg was so obsessed with the work ethic he once said: “If you don’t come to work on Saturday, don’t bother coming on Sunday. “Well, what do you mean, you want my company and you don’t want me? The lawsuit was settled in 1999, and while the final amount awarded to Katzenberg is unknown, it was expected to be in the hundreds of millions, per the Washington Post. At one point, Katzenberg owned two homes in Beverly Hills. Katzenberg is the creative mind behind Quibi, the short-form video service.