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The CEO of Ozy Media, plagued by scandals, tried on Monday to explain the various scandals that led to the demise of his company last week while pledging to relaunch the media company despite the flight of investors and advertisers.
This is another dramatic turn in the sudden downfall of the media company. Watson had informed employees on Friday that the board of directors voted to shut the company down, CNBC reported.
“We were premature,” Watson said in an interview with “Squawk Box” about the decision. He added that over the weekend the company had “good conversations” with investors and advertisers.
“We have a lot of things to do to improve, but I really feel like we have a meaningful and transformative voice,” he added. “At best, this will be our Lazarus moment.”
It is not known if company staff will return. Axios said the company has 75 full-time employees.
The Times first reported last week that Samir Rao, the company’s chief operating officer, posed as a YouTube executive during a call with Goldman Sachs while seeking an investment of $ 40. millions of dollars. The company has also reportedly inflated viewer statistics.
This report triggered a week of survey and departures from 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 has resigned from the company.
CNBC also reported Thursday that Watson lied when he claimed Sharon and Ozzy Osbourne had invested in his business. Ozy also promised former producers that he was filming 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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