Carlos Watson, CEO of scandal-ridden Ozy Media, tried to explain away the various transgressions that led to his company’s demise last week while pledging to revive the media company despite the flight of investors and advertisers, reports CNBC.

It’s another dramatic twist in Ozy Media’s sudden downfall, continued CNBC, adding that Watson had informed employees that the board had voted to shut down the company, CNBC reported.

“We were premature,” Watson said of the decision in an interview.  “We have lots of things we have to do to improve, but I very genuinely feel like we have a meaningful, transformational voice,” he added.

It’s unclear if the company’s staff will return or how Watson, who co-founded Ozy Media, plans to continue operations, and when, says CNBC.

More here.

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