OzMedia CEO Carlos Watson informed employees Friday that the board has voted in favor of winding up the company, a person familiar with the matter said.
On a five-minute phone call late in the evening, Watson informed OG staff of the decision, with one person saying that the conversation was private and asked not to be named. A disappointed Watson did not ask any questions, he said.
The New York Times was the first to announce the news of Ozzy’s decision.
“At Ozzy, we have a great team of dedicated employees,” the company’s board of directors told the Times. “Many of them are world-class journalists, seasoned professionals, and we are very grateful and wonderful collaborators. Therefore, we must announce today that we will be closing the door to OG. It is from the bottom of my heart.”
An OG spokesperson did not immediately receive any comment. According to Axios, the company had 75 full-time employees, who also reported that OG Media would be laid off.
He said full-time employees are waiting to hear whether they can get severance pay or long-term benefits from the sudden shutdown. According to another, freelance writers will be paid their final salaries next week.
The Times reported on Sunday that the Ozzie executive was later revealed to be COO Samir Rao and impersonated a YouTube executive in a conference call with Goldman Sachs that was considering investing $40 million in the company. was doing. Down. The company is also said to have significantly increased the number of unique monthly visitors. This is the metric that media companies use to attract advertisers.
The report caused a tail spin of the company.
On Wednesday, former BBC anchor Katy Kay and one of Ozzy Media’s executive producers resigned from the company.
On Thursday, Mark Rasley resigned as the president of OG Media after just three weeks of work. Billionaire investor Rasley is the CEO of Avenue Capital Group and owner of the NBA champion Milwaukee Bucks.
“I think the OG will need experience in areas where he doesn’t have any special expertise, such as crisis management and investigation,” Rasley said Thursday. He said he would continue to be an investor in OzMedia.
CNBC also reported Thursday that OG Media founder Carlos Watson lied when Sharon and Ozzy Osbourne claimed to have invested in his company. In 2017, The Osbournes filed a trademark proceedings over the company’s annual concert and festival, Ozzfest. Osborne told CNBC Watson that he used his relationship with billionaire Ozymedia investor Lauren Powell Jobs to threaten proceedings. “This man is the eldest sister ever,” Osborne said.
According to a report in the Times on Thursday, Ozzy promised a former producer that he was filming an A&E show. However, according to The New York Times, the producer was also a liar, and A&E found that they had no plans to air an interview shot by Ozzy.
A former OG employee told CNBC Friday that Watson runs the company as a charismatic and cynical leader. His demands on journalists, including writing four feature-length stories a week in “fragrant” prose, have banned some employees from burnout. CNN spoke to other employees who had similar stories about working long hours and fatigue.
Watson frequently claimed Ozzy’s access to internal meetings, said all three who appeared for him, but journalists and editors saw little evidence of Ozzy’s popularity. Nevertheless, they remained in the company because they believed in their mission to report stories and trends that other media had not yet discovered.
Look: NYT Smith talks to Ozzy about Mark Rasley’s resignation