Marc Lasry steps down from Ozy Media's board following scandal

Marc Lasry, the billionaire businessman and co-owner of the Milwaukee Bucks, said in a statement provided to Axios that he has stepped down from Ozy Media's board.

Why it matters: Lasry, who is also an investor in Ozy, was named chairman earlier this month. His departure comes as investors scramble to distance themselves from the company, after a New York Times report that suggested Ozy executives may have committed securities fraud.

What he's saying: “I believe that going forward Ozy requires experience in areas like crisis management and investigations, where I do not have particular expertise. For that reason, I have stepped down from the company’s board. I remain an investor in the company and wish it the best going forward.”

• Ozy Media co-founder and CEO Carlos Watson referred to Lasry as "lead investor" in what he said was a $35 million funding round in 2019, but a source says that Lasry only invested $1 million in that deal and never put in subsequent money.
• Other investors in that deal included Interlock Partners, LionTree, Atinum Investment, GSV Capital, Axel Springer, Emerson Collective, and three partners of buyout firm Clayton, Dubilier & Rice.

Go deeper: Scoop: OZY Media loses an early investor