The brainchild of Carlos Watson, a veteran television journalist and entrepreneur, Ozy hopes to dish out fare that will stand out in a crowded media environment. Ozy, based in Mountain View, will focus on a handful of well-selected stories a day and will cater what Watson calls the “change generation” — educated, smart, worldly readers who not only tolerate change but embrace it.

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Powell, who declined to be interviewed for Fortune‘s story on the venture, is both an investor and board member of Ozy and may contribute content to the site. Other backers include Larry Sonsini, who heads Wilson Sonsini Goodrich & Rosati, one of the preeminent Valley law firms; super angel Ron Conway; Chegg.com CEO Dan Rosensweig; and Google’s (GOOG) chief legal officer, David Drummond.

Watson, a former MSNBC news anchor who is Ozy’s founder and editor in chief, hopes that with quality writing, smart storytelling and arresting design, Ozy will be a premium product with mass appeal. Or as Watson says, the goal is to create a product that people love “in the way Apple fans truly love Apple, or in the way HBO fans have loved HBO.”

The full story on Ozy Media appears in the current issue of Fortune.