Hewlett Packard Enterprise CEO Meg Whitman and film producer Jeffrey Katzenberg have announced their new digital TV project will be called "Quibi" on Wednesday at the Vanity Fair Summit in Los Angeles.

They temporarily called the project "NewTV," but announced the new name, Quibi, which is short for "quick bites." The project is a new TV streaming service focused on mobile devices. They've raised $1 billion from media and technology investors, which include Disney, Fox, NBC Universal and Alibaba.

The shows will be short-form entertainment curated for each viewer. It will also have a series of shows that are a total of a few hours, but broken into 10-minute chapters.

"You get up every morning, you leave your house and you take with you a television set," Katzenberg said. "You're communicating, you're collaborating and you're actually watching 70 minutes of short-form content. The ecosystem that has grown up around that is spectacular. With that, it has presented a spectacular new opportunity. We are this new form of quick bites."