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cover of episode How private equity kills companies and communities

How private equity kills companies and communities

2025/5/29
logo of podcast Decoder with Nilay Patel

Decoder with Nilay Patel
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Megan Greenwell
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Nilay Patel
以尖锐评论和分析大科技公司和政治人物而闻名的《The Verge》编辑总监。
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Nilay Patel: 在本期节目中，我与Megan Greenwell讨论了她的新书《坏公司：私人股本与美国梦的破灭》，这本书深刻地揭示了私人股本如何超越了对失败企业的影响，深入地影响和改变了普通美国人的生活。私人股本在商业领域无处不在，但其对公司运营的巨大影响却鲜为人知。Megan对私募股权的兴趣源于她在Deadspin的经历，该公司被一家私募股权公司收购后开始严格管理内容。私募股权公司的目标与被收购公司的目标脱节。Megan的书深入探讨了私募股权如何在媒体、零售、住房和医疗保健四个经济领域运作。此外，我们还讨论了私募股权的历史，以及从纽约房地产界到今天私募股权行业的文化脉络。金融激励已经渗透到美国生活的最高层。最后，梅根区分了私募股权和风险投资，两者的问题截然不同。 Megan Greenwell: 我在Deadspin的经历让我对私募股权产生了浓厚的兴趣。Deadspin一直保持着它的精神，并增加了严肃的调查报道和雄心勃勃的视频等内容。2018年我加入Deadspin时，那是我梦想的工作。然而，私募股权公司试图将Deadspin运营化，榨取更多价值。Deadspin被Univision运营，但由于Univision不清楚如何处理，Deadspin未能充分货币化。私募股权收购媒体并非最坏的情况，因为他们承诺会适当地货币化Deadspin。然而，私募股权公司实际上想做的，是决定我们可以报道什么，并试图把我们变成ESPN，这与实际的商业模式相去甚远，会毁掉整个网站。由于金融策略，私募股权公司的激励与他们所运营的公司的激励不同。他们可以通过收购一家公司来赚很多钱，而不需要让公司本身成功。

Deep Dive

Shownotes Transcript

Today, I’m talking with journalist Megan Greenwell about her new book Bad Company: Private Equity and the Death of the American Dream. It comes out June 10th. It's fantastic and maddening in equal measure. I highly recommend it.

In this episode, we discussed the genesis of Megan’s interest in the subject and its genesis in media — including her time as editor-in-chief of the website Deadspin, which underwent a very public PE takeover of its parent company. We also talk a lot about the healthcare industry, another major pillar of Megan’s book. I'm excited to hear what you think of this one.

**Links: **

  • Bad Company | HarperCollins)

  • Private equity bought out your doctor and bankrupted Toys ‘R’ Us | Decoder)

  • Private equity Is gutting America — and getting away with it | NYT)

  • I was fired from Deadspin for refusing to ‘stick to sports’ | NYT)

  • Will private equity be the next ‘Big Short’? | Marketplace)

  • The profit-obsessed monster destroying American ERs | Vox)

  • Why your vet bill is so high | The Atlantic)

  • The investment firms leave behind a barren wasteland’ | Politico)

Credits:

Decoder is a production of The Verge and part of the Vox Media Podcast Network.

Our producers are Kate Cox and Nick Statt. Our editor is Ursa Wright. 

The Decoder music is by Breakmaster Cylinde

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