Sep 30, 2021 - Economy

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

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

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