Ozy Media is a well-known name in America. It is a company that deals with the news and entertainment industry. The organization was founded by Samir Rao & Carlos Watson. The company has its headquarters in California and was inaugurated in the year 2013. Ozy has had several successful stints in the entertainment industry. It has launched many podcasts, soaps & television series. The media house won the Emmy for their segment in the network of Oprah Winfrey.
However, the smooth functioning of the media house was hindered suddenly. A scandal involving inappropriate behavior and exaggerated engagement data made things worse. As a result, the company declared to stop its functioning on 1st October 2021. However, in a recent turn of events, the Chief Executive Officer of the company has hinted at its reopening. Let us learn more about the incident below.
Ozy Media Announces Reopening Of Operations
Watson had some good news to deliver for the people. He came out on Monday and tried his best to explain the reasons for the shutdown. Carlos also stated that the company will be reopened very soon. Despite his assurance, investors and advertisers do not seem too interested in the house.
It seems as if plot twists are synonymous with Ozy Media. According to reports from CNBC, the CEO announced the shutdown of the company on Friday. Within a couple of days, things took a complete u-turn. Watson described their decision as premature. He assured the public of having positive discussions with investors.
Ozy Media stated that there were a lot of mistakes on their part. Vowing to learn from those, Watson was expectant of a turnaround. He aimed at having a meaningful operation from now on. However, it is quite unclear how the company will restart proceedings. Ozy Media has seventy-five workers. It remains to be seen how the company plans its redemption.
