The shortform streaming service that is reportedly exploring a possible sale may not be worth that much because most of its programming is licensed. "The more practical question about Quibi now is what exactly a buyer would get," reports Recode's Peter Kafka. "There’s some cash — a source familiar with the pitch says the company has said it has more than $200 million on-hand — as well as the tech Quibi built to bring its video to your phone. It’s particularly proud of what it calls its 'turnstyle' system, where viewers can rotate their phone 90 degrees to see a different version of the video they were watching. Quibi’s engineering team might also be valuable to a certain kind of buyer." But Quibi's lack of ownership makes it less valuable, especially compared to its $1.8 billion cost.