Elliott Management Backing Patent Suit Against Quibi: Dow Jones
(Bloomberg) -- Elliott Management Corp. is financing a patent lawsuit brought by interactive-video company Eko against streaming service Quibi, Dow Jones reports, citing people familiar with the situation.
As part of the financing, the hedge fund manager would end up with a stake in Eko, the people said.
Eko claims in the lawsuit that Quibi is violating its patents with a feature that plays different videos for users depending on how they are holding their phone.
The lawsuit was filed in a Los Angeles federal court in March, and a hearing is expected as soon as this week. In a statement to Dow Jones, Quibi said the lawsuit is without merit and denied infringing on Eko's patent.
Quibi Competes With Social Media, Not TV. It May Improve Both
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