Ozy announces it is shutting down, following bombshell New York Times report
Azmi Haroun | Publié le | Mis à jour le
- Ozy is shutting down after a New York Times report shed light on its business practices.
- See more stories on Insider's business page .
Ozy, the media company under fire after a bombshell New York Times report about its workplace culture and business practices, announced it was shutting down on Friday.
"At Ozy, we have been blessed with a remarkable team of dedicated staff," Ozy's board of directors wrote in a statement. "Many of them are world-class journalists and experienced professionals to whom we owe tremendous gratitude and who are wonderful colleagues. It is therefore with the heaviest of hearts that we must announce today that we are closing Ozy's doors."
The Times had reported that Ozy's chief operating officer was caught impersonating a YouTube executive during a fundraising call, along with raising questions about its audience metrics.
The fallout from the Times story came fast. Board chair and hedge fund billionaire Marc Lasry stepped down from the board . Star employee Katty Kay resigned.
Ozy alumni also told Insider about the company's grueling work practices and about financial mismanagement moves by the company's higher-ups.
The world's biggest advertising company WPP advised all its clients, which include Ford, Google, Facebook, IBM, Unilever, and Mondelez, to pause their ad buys on Ozy until further notice, said a person with direct knowledge.
This story is developing. Check back for updates.
Via PakApNews