Tuesday, October 5, 2021

CEO Says Ozy Media Will Re-Open

The CEO of scandal-ridden Ozy Media, Carlos Watson, on Monday tried to explain away the various transgressions that led to his company’s demise last week while pledging to revive the media company despite the flight of investors and advertisers, reports CNBC. 

It’s another dramatic twist in Ozy Media’s sudden downfall. Watson had informed employees Friday that the board had voted to shut down the company, CNBC reported.

“We were premature,” Watson said of the decision in an interview on CNBC’s “Squawk Box.” He added that over the weekend, the company had “good conversations” with investors and advertisers.

“We have lots of things we have to do to improve, but I very genuinely feel like we have a meaningful, transformational voice,” he added. “At our best, this will be our Lazarus moment.”

It’s unclear if the company’s staff will return or how Watson, who co-founded Ozy Media, plans to continue operations, and when. A spokesperson didn’t immediately respond to a request for comment. The company had 75 full-time employees, according to Axios.

The New York Times first reported last week that the company’s chief operating officer, Samir Rao, impersonated a YouTube executive on a call with Goldman Sachs while seeking out a $40 million investment. The company also allegedly inflated viewer metrics.

That report set off a week of probing and departures from the company.

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