Ozy Media, the embattled digital media company that last week said it would be shutting down in the wake of a scandal, is now reversing course and will continue to operate, according to its chief, who called the prior announcement premature. Carlos Watson, CEO of Ozy, announced the dramatic pivot in an Oct. 4 interview on CNBC’s Squawk Box, during which he acknowledged scope for improvement and hoped the company would emerge revitalized from recent controversy. “As embarrassing as it may sometimes feel to do, I realize that we were premature,” Watson said of last week’s decision to shut down, adding that “good conversations” over the weekend with investors and advertisers prompted the turnabout. The company last week announced it would suspend operations and move ahead with an orderly wind-down after damning media coverage of deceitful practices, including overstating audience numbers and an Ozy staffer posing as a YouTube executive. …