Today's threads (a thread)
Inside: Private equity plunderers want to buy Simon & Schuster; and more!
Archived at: https://pluralistic.net/2023/08/08/vampire-capitalism/
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@pluralistic This four-minute NPR interview with Publisher Weekly's Jim Milliot about KKR's acquisition of Simon & Schuster strains credulity. Mr. Milliot thinks this acquisition benefits readers, writers, and the publishing industry. He remarks that, while private equity firms don't have the best reputation, "in the end [the acquisition] will work out." I'd wager that Mr. Milliot's optimism is misplaced. https://www.npr.org/2023/08/07/1192579398/publishing-company-simon-schuster-was-sold-for-1-62-billion-to-investment-firm-k
@flengyel @pluralistic by misplaced I think you mean "bought and paid for".
@bluknight @pluralistic I don't know that. I'm not sanguine about how this acquisition will "work out."
@flengyel I worked for a company that was bought by an equity firm that had no idea what we did and made a lot of changes that made us look shiny, but under the gloss made our work life terrible and our product worse. I imagine mine is not the only case like that.
@flengyel
I heard that story too.
Thought the *same* thing.
Felt eyes roll *real* hard.
@pluralistic @flengyel this is universally what is said in these situations throughout history forever and everyone knows it’s a lie