Ozy Media CEO is 'back in the studio' but company's future is still unclear

Carlos Watson, CEO of the embattled Ozy Media, posted a series of videos to social media on Monday and Tuesday that he was “back in the studio” and providing updates about the past month.

“As some of you may know, my world, Ozy’s world got turned upside down back in late September. It’s been a crazy month—probably the most traumatic times of my life. But missed you guys. I missed the team, missed Ozy, missed the work we do together,” Watson said, adding that instead of sitting around at home, he wanted to be back in the studio.

Let’s start a new conversation @carloswatson
#OZYMedia #OZY #NewBeginnings #ElevatetheConversation pic.twitter.com/p5VFCiMnpR
— OZY (@ozy) November 1, 2021

Ozy Media collapsed last month after the New York Times reported that executive Samir Rao impersonated a YouTube executive during a conference call with Goldman Sachs, during which the bank was considering a $40 million investment.

The stunning report spurred a deeper look into the media startup, with several current and former employees coming forward to disclose a chaotic work environment, as well as a potential FBI investigation of Rao’s actions for fraud, and an investor lawsuit.

In the latest videos, Watson said he wanted to provide some updates. “I want to talk with you a little bit about what I’m learning, what’s going on and where we’re headed. I’ll be talking to you a lot over the next year and more importantly, I hope you’ll talk back,” he said.

I know there are so many questions surrounding what went down. All I can do is take ownership, accountability and pray people walk with me on the path back. #OZY #OZYMedia #thepathback #movingforward pic.twitter.com/vTDdVxr22E
— OZY (@ozy) November 2, 2021

Yet despite the promise of news, Watson’s latest statements did not provide any new information about Ozy Media’s future. Instead, Watson’s rambling videos focused on how he missed working on The Carlos Watson Show, one of Ozy’s web programs, and how he wanted the opportunity to “show people what we have.”

Shortly after the Times’ report about the impersonation, Ozy’s board announced the company would shut down on Oct. 1, 2021. Additionally, Ozy’s board hired a law firm to conduct a review of the startup’s business practices and put Rao on leave. Watson later said Rao had been asked to step down.

Before the dust settled, Watson reemerged on Oct. 4, saying Ozy Media would reopen. “We’re going to open for business…This is our Lazarus moment,” he told the Today show, adding that the ongoing negative reports were only a small part of the company’s overall strong performance.

Watson then sent emails to staffers saying there was a “credible path forward” for Ozy. Additionally, he planned to have Ozy newsletters back online and wanted to relaunch a TV show and a podcast season by the end of the year—despite knowing whether employees will want to rejoin.

Watson’s latest statements do not disclose whether employees rejoined Ozy or how the company will move forward.