OG Media, the digital media company that has been making headlines throughout the week following a series of damaging allegations about its business practices, is shutting down, its board of directors announced Friday.
the closure of the company, which was earlier informed of By the new York Times, comes six days after the newspaper is published a blast report About co-founder and COO Sameer Rao Impersonating a YouTube executive in an effort to secure $30 million in funding from Goldman Sachs.
that report set a Spring Ozzie’s misrepresentations about others and the treatment of company employees that heightened existing doubts about Ozzie’s claims about website traffic, newsletter subscriptions, and television show distribution.
Businesshala Reportedly how its widely publicized festival in Central Park, Ozzy Fest, was on track to be a disaster, before fortunately saving the company from a timely heatwave and subsequent insurance payments, which cost the company Appeared to save from a major financial loss.
Weeks of bad press led to a series of high-profile exits from the company including Ozzy’s chairman, hedge fund billionaire Mark Larry, and one of its top journalists; a handful of heads advertiser With that, his campaign came to a halt.
Ozzy is reportedly being investigated by the FBI, as well as the law firm, Paul, Weiss, Rifkin, Wharton & Garrison, retained by the company’s board earlier this week to review its business activities .
This is breaking news and will be updated.
“Ozzie Fest Was About to Be the Next Fyre Festival—Until a Heat Wave (and Insurance Claims) Kicked Them Out” (Businesshala)