The Wall Street Journal: Elliott Management financing major patent lawsuit against streaming startup Quibi
The Wall Street Journal
Video company Eko claims Quibi stole its trade secrets over ‘Turnstyle’ videos
Hedge fund Elliott Management Corp. is financing a high-stakes patent lawsuit against Quibi, the new streaming service founded by entertainment veteran Jeffrey Katzenberg, according to people familiar with the situation, putting power players of Wall Street and Hollywood on a collision course.
Elliott has agreed to fund a suit brought by interactive-video company Eko, which claims Quibi is violating its patents and has stolen trade secrets, the people said. As part of the financing, Elliott would end up with an equity stake, the people said. The size of the equity stake couldn’t be learned, though it is a substantial investment, the people said.