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Ozy Media is shutting down after a week of scrutiny into its business

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“At Ozy, we have now been blessed with a outstanding workforce of devoted employees. A lot of them are world-class journalists and skilled professionals to whom we owe great gratitude, and who’re fantastic colleagues. It’s subsequently with the heaviest of hearts that we should announce right now that we’re closing Ozy’s doorways,” the board stated within the assertion despatched to CNN Enterprise.

The Occasions exposé revealed Sunday alleged Ozy’s cofounder and chief working officer Samir Rao impersonated a YouTube govt on a name with Goldman Sachs. The Occasions wrote that Watson “attributed the incident to a psychological well being disaster.” Watson referred to the Occasions piece as a “ridiculous hitjob” and referred to Rao’s impersonation as a “private psychological well being challenge” once more in an e mail he despatched to employees and shared on Monday.

CEO Carlos Watson made the announcement to Ozy’s employees in a gathering Friday afternoon, in response to a present staffer in attendance who requested anonymity.

“I am very sorry to say that the board has voted, given every part that is occurred, to droop operations and to shut Ozy as of right now. I am very grateful to everybody for all of the love and all of the care and all of the excellence that individuals dropped at Ozy,” Watson stated within the assembly, the place he spoke for lower than 5 minutes. “I do know this is not something that any of us needed.”

Watson stated that staffers will obtain ultimate paychecks and have discussions about severance subsequent week. Some staff will keep for an indefinite interval and consulting agency Berkeley Analysis Group might be introduced on, he stated.

“I do know as badly as I really feel that a lot of you are feeling the identical or worse and know that I didn’t need this to be the end result,” Watson stated. “We might on the opposite facet of this work out tips on how to do another issues, however I do not know for certain. This can be a little bit unsure territory for me, candidly I feel I’ve to depart it there.”

A flood of protection

The Occasions’ exposé opened up a flood of protection this week that known as into query Ozy’s enterprise practices such because the promotion round its content material and its annual occasion, Ozy Fest. A number of main advertisers suspended their advert campaigns, the Wall Street Journal reported. CNN Business reported on the office tradition at Ozy which some former staffers alleged to be abusive. One former Ozy staffer referred to Watson as a “bully.” Watson, Rao and Ozy didn’t reply to requests for remark in regards to the allegations.
On Tuesday, the Journal reported that Ozy’s board of administrators introduced it employed the legislation agency Paul, Weiss, Rifkind, Wharton & Garrison LLP to “conduct a assessment of the corporate’s enterprise actions,” Rao additionally was on a go away of absence, to which the board stated was “pending the outcomes of the investigation.”
On Wednesday, Katty Kay, a former BBC correspondent who joined Ozy this yr, introduced on Twitter that she had resigned from the corporate.

On Thursday, the chairman of Ozy’s board, Marc Lasry, resigned, writing in assertion, “I imagine that going ahead Ozy requires expertise in areas like disaster administration and investigations, the place I don’t have specific experience,” the Occasions reported.

On Friday, Watson resigned from the board of NPR, which he had been part of since 2016.

Watson, who beforehand labored as a bunch and commentator at CNBC, CNN and MSNBC, launched Ozy in 2013 as a digital media web site with ambitions to cowl “what’s new and what’s subsequent.” The corporate attracted many respected journalists to work for the startup. It was a chance, they believed, to inform uncovered tales from throughout the globe.

https://www.cnn.com/2021/10/01/media/ozy-media-shuts-down/index.html | Ozy Media is shutting down after every week of scrutiny into its enterprise

Aila Slisco

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