Ozy Media Closes After Founder’s Fraud Arrest

On Wednesday, the struggling media company Ozy Media said it is stopping operations “immediately” because of “present operational and legal issues.” The legal challenges undoubtedly allude to last week’s arrest of founder and CEO Carlos Watson in New York City on fraud allegations. A detention memo acquired by The Daily Beast accused Watson of deceiving investors and inflating the company’s audience statistics to advertisers; if convicted, Watson faces up to 37 years in prison. This is the second time Ozy Media has ceased operations, with the last suspension lasting only three days in 2021. While Ozy had officially operated since then, it was a shadow of its former self, a once-promising media startup famed for its “Ozy Fest” music and ideas event that grabbed national attention and drew many of celebrities.