Ozy Media said it would cease operations, less than a week after a New York Times article raising questions about the company’s business practices led to high-profile departures and a pullback from some major advertisers
YouTube on a February fundraising call with Goldman Sachs Group Inc. Ozy Chief Executive Carlos Watson in a statement Sunday said that Mr. Rao’s behavior on the call stemmed from mental-health issues.
Since then, Marc Lasry, an investor in Ozy and the co-owner of the Milwaukee Bucks National Basketball Association team, stepped down from Ozy’s board, citing a lack of relevant experience; Katty Kay, a high-profile Ozy recruit who was a correspondent and anchor for the BBC, left the company; and several major advertisers of Ozy put their ad campaigns on hold, The Wall Street Journal reported Thursday.
On Tuesday, Ozy’s board said it has hired the law firm Paul, Weiss, Rifkind, Wharton and Garrison LLP to “The fallout had also spread to Ozy’s investors. SV Angel surrendered its shares in Ozy, an unusual move for a venture-capital firm. Axios earlier reported SV Angel’s move. Axel Springer, another Ozy investor, has said it supported the board’s investigation into the company’s business practices.
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