Ozzy is shutting down less than a week after a New York Times column raised questions about the media organization’s claims to millions of viewers and readers, while also pointing to a possible case of securities fraud.
The story triggered canceled shows, an internal investigation, investor concern, and high-level departures at the company.
An emailed statement from the board of Ozzy Media on Friday called it a company with many world-class journalists and experienced professionals for whom we are deeply grateful. It said it was “with the heaviest of hearts that we must announce today that we are closing the doors of Ozis.
The board statement did not provide a reason for the closure of the Mountain View, California-based company.
The Times story said Ozzie’s chief operating officer, Sameer Rao, impersonated a YouTube executive on a call with Goldman Sachs while attempting to raise funds from the investment bank. It also addressed long-standing industry questions about whether Ozzy was increasing its audience size.
On Thursday, hedge-fund billionaire Mark Larry and the co-owner of the Milwaukee Bucks, who was named chairman of Ozzy in September, resigned. A high-profile employee, former BBC anchor Katy Kay, resigned earlier this week, and an early investor, a venture capital firm, dumped her Ozzie shares. The board reportedly hired a law firm to review Ozzy’s business activities.
Ozy publishes stories on its website, creates podcasts, newsletters and shows, and hosts the OzyFest celebration. Its website remained up till Friday afternoon.
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