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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