Ozy Media who was at one point a lauded media organisation for its efforts in diversifying itself — has now shut its doors. According to a bombshell New York Times report, the company has actually been engaging in activities that sound like something straight out of any financial crimes movie.
Let’s take it back a step. The Times found that the company’s co-founder Samir has been posing in essence as other high level executives from some of the world’s biggest companies. One of those people was, per the report, actually one of Youtube’s most senior executives who had no idea he had been embroiled in the scandal.
That was only the beginning of the many strikes they’d see over the past 48 hours. Following the initial Times report, several other reports surfaced following investigations by numerous media outlets. As it turns out, the company’s phony business practices allegedly date back to at least 2016 when the company attempted to produce something called OzyFest.
Now almost any rock music fan or general music fan knows that the name OzyFest belongs to the Osbourne family (as in Ozzy and Sharon Osbourne.) The couple copyrighted the name many years ago due to the fact that they’ve for the longest time had a similar fest with the exact same name.
Here’s where it gets pretty bad. In 2017, the Osbourne gang sued the company for trademark infringement alleging that they did not have the right to use the name and demanded that they cease use. They did do such in fact rather quickly, though, what came next also emerged during their most recent downfall to the shock of many. Sharon Osbourne herself contacted CNBC to confirm suspicions that claims that the couple were investors in the company were actually false.
It is now widely understood that following several advertisers fleeing the company has shutdown as of close of business Thursday.
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