Marc Lasry, the billionaire businessman and co-owner of the Milwaukee Bucks, said in a statement that he has stepped down from the board of directors of Ozy Media.
Why it matters: Lasry, who is also an Ozy investor, was named chairman earlier this month. His departure comes as investors scramble to distance themselves from the company after a New York Times report suggests that Ozy executives may have committed securities fraud.
What he says: “I believe that going forward, Ozy will require experience in areas such as crisis management and investigations, in which I do not have particular expertise. For this reason, I left the company’s board of directors. I will remain an investor in the company and wish him all the best for the future. “
- Ozy Media Co-Founder and CEO Carlos Watson called Lasry the “lead investor” in a $ 35 million round of funding in 2019, but a source says Lasry is only investing $ 1 million in this deal and no more Invested money.
- Other investors in this transaction were Interlock Partners, LionTree, Atinum Investment, GSV Capital, Axel Springer, Emerson Collective and three partners in the buyout firm Clayton, Dubilier & Rice.
Go deeper: Scoop: OZY Media loses an early investor