Sunday, October 24, 2021

Scandal-hit OG Media reverses decision to close

OG Media, the beleaguered digital media company that last week said it would shut down in the wake of a scandal, is now reversing its course and will continue to operate, according to its chief, who called the earlier announcement premature. .

Ozzie CEO Carlos Watson announces dramatic pivot 4 October Interview on CNBC’s Squawk Box, during which he acknowledged the scope for improvement and expressed hope that the company would revive from the recent controversy.

“As embarrassing as it may seem at times, I realized we were premature,” Watson said of the decision to close last week. inspired.

The company announced last week that it would suspend operations and proceed with a systematic wind-down after damaging media coverage of fraudulent practices, including exaggerated viewership and an OG employee. Will present as a YouTube executive.

The company’s board of directors said in a October 1 statement that, “with the most heavy hearts we must announce today that we are closing the doors of Ozzy.”

Watson touched on the outcome of the dispute, in a letter dated October 1 to the company’s investors, which was quoted by Axios.

“As you are aware, Ozzy has been materially and adversely affected by recent events. After considering all options and inputs from many of you, we have determined that it is necessary to cease operations and conserve value. It is in the best interest of all the stakeholders to initiate the process of winding up the Company.

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These announcements followed a revelation from The New York Times that claimed Ozzie co-founder and chief operating officer Samir Rao pretended to be a YouTube executive on a conference call with Goldman several months ago because the investment The bank was closing. On an investment of $40 million in the media company.

After the misrepresentation came to light, Watson apologized, attributing the incident to a mental health crisis.

Watson co-founded OG with Rao in 2013. Both are Harvard graduates and both once worked for Goldman Sachs.

OG produces left-leaning podcasts, television series and events. In his Monday interview on CNBC, Watson said, “We have a lot of things to improve, but I really think we have a meaningful, transformative voice.”

Company officials did not immediately respond to The Epoch Times’ request for comment.

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Tom Ozimek has an extensive background in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he’s heard from Roy Peter Clark: ‘Hit your goal’ and ‘Leave the best for last.’

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This News Originally From – The Epoch Times

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