Ozy Media Files Lawsuit Against Ben Smith and BuzzFeed for Alleged Theft of Trade Secrets

The defunct media company claims Smith used confidential information obtained during a failed acquisition attempt to launch a similar media company, Semafor.

Ozy Media, the defunct media company, has filed a lawsuit against Ben Smith, co-founder of Semafor, and his former outlet, BuzzFeed, alleging theft of trade secrets and breach of a mutual nondisclosure agreement.
The lawsuit claims that Smith, while editor-in-chief of BuzzFeed, had access to Ozy's trade secrets during a failed acquisition attempt and later used this information to launch Semafor, a media company similar to Ozy.
Ozy Media shut down in March 2023 following the indictment of its founder and CEO, Carlos Watson, for securities fraud. The lawsuit alleges that Smith's reporting on Ozy's fraudulent activities contributed to its downfall.
The lawsuit seeks to recover damages and profits that the defendants allegedly gained as a result of their misconduct.
Smith, BuzzFeed, and Semafor have not yet responded to the lawsuit.