Ozy Media said it wouldn’t shut down after all, days after its board said the embattled digital-media startup was ceasing operations amid growing questions over the company’s business practices
In a statement last week, Mr. Watson attributed Mr. Rao’s behavior to a “mental health issue,” calling the incident “deeply unfortunate.”
Ozy Media’s board said last week it had hired the law firm Paul, Weiss, Rifkind, Wharton and Garrison LLP to “conductNewsletter Sign-upLast week, Marc Lasry, an investor in Ozy and the co-owner of the Milwaukee Bucks National Basketball Association team, stepped down from Ozy’s board, and Katty Kay, a high-profile Ozy recruit who was a correspondent and anchor for the BBC, left the company.
Company employees lost access to their email accounts after Ozy Media said it was shutting down, according to another person familiar with the matter, and many employees still haven’t been contacted about potentially rejoining the company, the person said. In an interview with CNBC on Monday, Mr. Watson said that he reached a decision to relaunch the company after speaking with advertisers, investors and employees, but didn’t name them.
Some advertisers and investors have taken steps to distance themselves from Ozy Media in the past week. The Wall Street Journal reported Thursday that many of Ozy Media’s major advertisersA spokeswoman for Emerson Collective, one of Ozy Media’s early backers, said on Monday that the investment firm wasn’t involved in the discussions over the weekend about relaunching the company.
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