Ozy Media is shutting down after a week of scrutiny into its business
Ozy Media announced on Friday that it will cease operations. The announcement comes five days after the The New York Times published a bombshell report about its business practices, which kicked off additional scrutiny from other media outlets.
Posted — UpdatedCEO Carlos Watson made the announcement to Ozy's staff in a meeting Friday afternoon, according to a current staffer in attendance who requested anonymity. Ozy's board of directors also issued a statement on the decision.
"At Ozy, we have been blessed with a remarkable team of dedicated staff. Many of them are world-class journalists and experienced professionals to whom we owe tremendous gratitude, and who are wonderful colleagues. It is therefore with the heaviest of hearts that we must announce today that we are closing Ozy's doors," the board said in the statement sent to CNN Business.
The Times exposé published Sunday alleged Ozy's cofounder and chief operating officer Samir Rao impersonated a YouTube executive on a call with Goldman Sachs. The Times wrote that Watson "attributed the incident to a mental health crisis." Watson referred to the Times piece as a "ridiculous hitjob" and referred to Rao's impersonation as a "personal mental health issue" again in an email he sent to staff and shared on Monday.
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