Ozy is shutting down lower than per week after a New York Occasions column raised questions in regards to the media group’s claims of thousands and thousands of audience and readers, whilst additionally stating a possible case of securities fraud.
The tale caused canceled presentations, an interior investigation, investor worry and high-level departures on the corporate.
An emailed remark Friday from Ozy Media’s board known as it an organization with many world-class newshounds and skilled pros to whom we owe super gratitude. It stated it was once “with the heaviest of hearts that we will have to announce these days that we’re final Ozys doorways.
The board’s remark didn’t give the cause of shutting down the corporate based totally in Mountain View, California.
The Occasions tale stated Ozy’s leader running officer, Samir Rao, impersonated a YouTube government on a decision with Goldman Sachs whilst making an attempt to lift cash from the funding financial institution. It additionally addressed long-held business questions of whether or not Ozy was once inflating its target audience dimension.
On Thursday, Marc Lasry, the hedge-fund billionaire and Milwaukee Dollars co-owner who have been named Ozy’s chairman in September, resigned. A high-profile worker, former BBC anchor Katty Kay, resigned previous within the week, and an early investor, a undertaking capital company, gave up its Ozy stocks. The board had reportedly employed a regulation company to study Ozy’s trade actions.
Ozy revealed tales on its website online, made podcasts, newsletters and presentations and hosted the OzyFest pageant. Its website online remained up on Friday afternoon.
Disclaimer: This put up has been auto-published from an company feed with none changes to the textual content and has no longer been reviewed by way of an editor