The New York technology company suing Quibi over its core user technology Turnstyle has received backing from activist investment firm Elliott Management Corp.
Eko is suing mogul Jeffrey Katzenberg’s new mobile-only streaming service, claiming it developed the feature that lets users toggle back in forth between portrait and landscape viewing modes. Eko is seeking an injunction.
Girthed at around $40 billion, Elliott Management most recently surfaced while accusing AT&T of mismanagement, demanding that the telecom sell DirecTV. The Wall Street Journal cited anonymous sources while reporting that Elliot is backing Eko with an undisclosed sum.
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Quibi, a startup backed by $1.75 billion in investments, has dismissed Eko's claims as meritless. But Eko's backing isn't trivial, either--its $250 million in financial support includes a contribution from Walmart.
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Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!