Ozy Media shutting down

Ozy Media shutting down
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Ozy Media announced on Friday that it was shutting down amid a scandal surrounding a top executive attempting to deceive potential investors.

In a statement obtained by The New York Times, Ozy’s board of directors said it was with the “heaviest of hearts” that it was announcing the closing.

“At Ozy, we have been blessed with a remarkable team of dedicated staff,” the statement said, according to the newspaper. “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.”

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The Hill has reached out to Ozy for comment.

Ozy came under intense scrutiny this week after the Times published an article revealing that the company’s chief operating officer, Samir Rao, had impersonated a YouTube staffer during a conference call with potential investors from Goldman Sachs.

Ozy co-founder Carlos Watson later apologized to Goldman Sachs and said Rao had gone through a mental health crisis, the Times reported.

Earlier this week, veteran journalist Katty Kay resigned from Ozy following the Times report, saying she was "deeply troubled" by the story.

"I was looking forward to working with the talented young reporters but I did not expect this!" Kay said.

On Thursday, billionaire Milwaukee Bucks co-owner Marc Lasry resigned as Ozy’s board chairman, though he said he remained an investor in the company.