Ozy Media has announced that it will cease operations. This comes five days after The New York Times published a bombshell report about its business practices, which kicked off additional scrutiny from other media outlets.
CEO 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.
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