Ozy CEO says his troubled media company will reopen

Scandal-ridden Ozy Media CEO Carlos Watson tried Monday to explain the various scandals that led to the demise of his company last week and promised to revive the media company despite the flight of investors and advertisers.

It’s another dramatic turn in the media company’s sudden demise. Watson informed employees on Friday that the board had voted to close the company, CNBC reported.

“We were premature,” said Watson in a “Squawk Box” interview about the decision. He added that the company had “good conversations” with investors and advertisers over the weekend.

“We have a lot of things to do to improve, but I really feel like we have a meaningful, transforming voice,” he added. “At best, this will be our Lazarus moment.”

It is unclear whether the company’s employees will return. Axios reported that the company had 75 full-time employees.

The Times first reported last week that Samir Rao, the company’s chief operating officer, posed himself a YouTube executive when he called Goldman Sachs while looking for a $ 40 million investment. The company also reportedly inflated audience numbers.

That report sparked a week of investigating and leaving the company.

Billionaire investor Marc Lasry resigned as chairman of Ozy Media last Thursday, saying the company needed experience in crisis management and investigations. In addition, former BBC presenter Katty Kay resigned from the company.

CNBC also reported Thursday that Watson lied when he claimed Sharon and Ozzy Osbourne invested in his company. Ozy also promised former producers to direct a show for A&E, which later turned out to be a lie.

– CNBC’s Alex Sherman contributed to this report.

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