The board of on-line information journal Ozy Media stated it was conducting an investigation into the corporate’s enterprise practices following a New York Instances report that raised questions concerning the firm.
In a press release, Ozy’s board, which incorporates Milwaukee Bucks co-owner
Marc Lasry,
stated it has employed the regulation agency Paul, Weiss, Rifkind, Wharton and Garrison LLP to “conduct a assessment of the corporate’s enterprise actions.”
On Sunday, the New York Times reported that Ozy Chief Working Officer
Samir Rao
impersonated an government from
Alphabet Inc.’s
YouTube on a fundraising name with
Goldman Sachs Group Inc.
Carlos Watson,
Ozy’s chief government, stated on Twitter Sunday that Mr. Rao’s habits on the decision was “deeply unlucky” and attributed his habits to a mental-health subject.
The board stated it has requested Mr. Rao to take a depart of absence pending the investigation. The board stated
Harry Hawks,
the previous government president and chief monetary officer of Hearst Tv, has agreed to function interim CFO in the course of the assessment.
Tuesday’s announcement marks an abrupt about-face for the youth-focused media startup, which on Sunday had stated that its board had been made conscious of the incident involving Mr. Rao and had accredited of the way in which it was initially dealt with. Within the assertion Sunday, Mr. Lasry stated that Mr. Rao’s habits amounted to “an unlucky one-time occasion” and praised Mr. Watson for displaying compassion towards Mr. Rao.
Mr. Watson, 51 years outdated, co-founded Ozy in 2013 after stints as a banker at Goldman Sachs and serving as an anchor on MSNBC. The corporate’s identify comes from “Ozymandias,” a poem by Percy Bysshe Shelley a few statue of a ruler whose kingdom has been eroded by time. On its web site, Ozy says it interprets the poem as “a name to assume large whereas remaining humble.”
Ozy publishes articles, movies and podcasts targeted on present occasions. Mr. Watson hosts a chat present that has featured sit-downs with musicians and actors together with Matthew McConaughey, Scarlett Johansson and “Hamilton” star Daveed Diggs. Ozy additionally hosts “Ozy Fest,” an occasion sequence that includes boldfaced names in leisure, politics and enterprise. The Day by day Beast on Tuesday reported {that a} coming version of Ozy Fest, initially slated for mid-October in Miami, has been postponed.
The corporate has raised money from backers together with German publishing conglomerate Axel Springer SE and Emerson Collective, the philanthropic group based by Laurene Powell Jobs. Ozy has additionally attracted funding from Mr. Lasry and
David Drummond,
the previous chief authorized officer of Google mother or father Alphabet.
Write to Benjamin Mullin at Benjamin.Mullin@wsj.com
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Appeared within the September 29, 2021, print version as ‘Ozy Media Administrators Examine Practices.’
