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Billionaire investor Mark Rasley resigned as chairman of Ozy Media after just three weeks in office, deepening the crisis for digital media companies.
The online media business after a New York Times report questioned viewership and revealed that one of its founders impersonated a YouTube executive in a conference call with Goldman Sachs during the funding process. Was blamed. Ozy Appointment Law firms Paul, Weiss, Rifkind, Wharton & Garrison review this week’s business practices.
Rasley, co-founder of Hedge Fund Avenue Capital and co-owner of the Milwaukee Bucks basketball team, invested in Ozy and joined the board after a $ 35 million round of funding in 2019. Said At the time.
He was appointed chairman of Ozy earlier this month and said he would like to expand his investor base and lead a new growth phase for the 8-year-old company.
But in a statement Thursday, Rasley said: “I think Ozy will need experience in areas where he doesn’t have any particular expertise, such as crisis management and research. That’s why I resigned as a director of the company. I’m an investor in the company. We hope to continue to be the best company in the future. ”
Rasley’s retirement follows the resignation of former BBC journalist Cattykei, one of the star hires, who said the New York Times’ allegations were “serious and serious problems.”
Other Ozy investors include Emerson Collective, an organization headed by German publishers Axel Springer, SuRo Capital, and Laurene Powell Jobs. The company has raised more than $ 80 million since its inception, according to PitchBook data.
On Tuesday, venture company SV Angel said a person explained the decision that it had abandoned its stake after investing in a seed round in 2012. SV Angel and its founder Ron Conway declined to comment.
The New York Times reported this week that its co-founder and chief operating officer, Samir Rao, impersonated a YouTube executive in a conference call with potential investor Goldman Sachs.
Ozy confirmed that the incident had occurred and said it was the result of an episode of mental health. The board has requested Lao to take leave until the law firm’s findings are available.
Earlier this week, CEO, co-founder, and Ozy’s public face Carlos Watson confirmed that the board recognized Goldman Sachs’ call and endorsed how it was processed. Has issued a statement containing a quote from Sachs. “The incident was an unfortunate one-off event,” Rasley said in a memo.
Rasley is best known as the co-owner of the Bucks Basketball franchise, which he purchased with private equity investor Wes Edens in 2014.Bucks this year Won The first NBA championship in half a century, led by the most valuable player in the two leagues, Janis Adetokumpo.
Investor Mark Rasley Resigns Ozy Media Board After Three Weeks
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