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Ozy Media CEO Carlos Watson knowledgeable staff Friday that the board had voted to close down the corporate, in line with an individual conversant in the matter.
In a 5 minute telephone name late within the afternoon, Watson knowledgeable Ozy’s workers of the choice, mentioned the individual, who requested to not be named as a result of the dialog was non-public. A dejected-sounding Watson didn’t take any questions, the individual mentioned.
The New York Instances was first to publish information of Ozy’s choice.
“At Ozy, now we have been blessed with a exceptional group of devoted workers,” the corporate’s board informed the Instances. “A lot of them are world-class journalists and skilled professionals to whom we owe super gratitude and who’re great colleagues. It’s due to this fact with the heaviest of hearts that we should announce right this moment that we’re closing Ozy’s doorways.”
A spokesperson for Ozy wasn’t instantly obtainable for remark. In line with Axios, which additionally reported Ozy Media is shutting down, the corporate had 75 full-time staff.
Full-time staffers at the moment are ready to listen to if they are going to obtain any severance or prolonged advantages from the abrupt shutdown, the individual mentioned. Freelance writers will probably be paid closing pay checks subsequent week, one other individual mentioned.
The Times first reported on Sunday that an Ozy govt later revealed to be COO Samir Rao, impersonated a YouTube govt on a convention name with Goldman Sachs, which was contemplating a $40 million funding within the firm. The corporate had additionally allegedly vastly inflated its month-to-month distinctive guests, a metric utilized by media firms to draw advertisers.
That report set off a tailspin on the firm.
On Wednesday, former BBC anchor Katty Kay, and certainly one of Ozy Media’s govt producers, resigned from the company amid the fallout.
On Thursday, Marc Lasry resigned as the chair of Ozy Media after simply three weeks on the job. Billionaire investor Lasry is the CEO of Avenue Capital Group and proprietor of NBA champions the Milwaukee Bucks.
“I imagine that going ahead Ozy requires expertise in areas like disaster administration and investigations, the place I don’t have specific experience,” Lasry mentioned on Thursday. He added that he stays an investor in Ozy Media.
CNBC also reported on Thursday that Ozy Media founder Carlos Watson lied when he claimed Sharon and Ozzy Osbourne invested in his firm. The Osbournes filed a trademark lawsuit in 2017 over the corporate’s title Ozy Fest, which is the agency’s annual live performance and pageant. Osbourne informed CNBC Watson leveraged his connections with billionaire Ozy Media investor Laurene Powell Jobs to threaten lawsuits. “This man is the most important shyster I’ve ever seen in my life,” Osbourne mentioned.
Ozy additionally promised former producers that it was filming a present for A&E, in line with a report from the Instances on Thursday. However producers found that, too, was a lie, and that A&E by no means had plans to air interviews Ozy had filmed, in line with The New York Instances.
Earlier staff at Ozy informed CNBC Friday that Watson ran the corporate as a charismatic and temperamental chief. His calls for on reporters — together with writing 4 feature-length tales every week with “flavorful” prose — led a number of staff to give up from burnout. CNN spoke with other employees that talked about comparable tales of lengthy work days and exhaustion.
Each Watson and Rao gained reputations for screaming at staff within the office, in line with 5 ex-employees. One mentioned working at Ozy felt like a Wall Avenue buying and selling ground and thought the pair’s time working at Goldman Sachs could have contributed to their demeanors.
Watson would often boast of Ozy’s attain at inner conferences, mentioned three individuals who have been current for them, however reporters and editors noticed little proof of Ozy’s reputation. Nonetheless, they stayed with the corporate as a result of they believed in its mission: to report tales and tendencies that different media retailers hadn’t but found. Former Ozy staff additionally credited Watson with constructing a various office and permitting them to cowl outside-the-box points.
“I’ve by no means seen a office as numerous as Ozy’s,” one ex-employee mentioned. “That was an enormous purpose to remain on the firm.”
However the demanding tempo and Watson’s mood triggered many to depart — typically to Watson’s chagrin. A number of famous Watson tried to maintain them and even contacted them after they’d give up.
“There’s an actual man in there, someplace,” one ex-employee mentioned of Watson. “It is simply powerful to chop by the vainness.”
Watson was the face of the corporate each actually and figuratively, the staff mentioned. He would ask to be more prominently featured on the website, with hyperlinks to his YouTube discuss present, “The Carlos Watson Present,” two of the individuals mentioned. A YouTube advertisement for the show cites a quote from Deadline calling Watson “The Greatest Interviewer on TV.” That line was actually said by Rao, the chief who impersonated the YouTube govt, in a 2020 Deadline article about “The Carlos Watson Present.”
WATCH: NYT’s Smith discusses Marc Lasry’s resignation from Ozy
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