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Death, Sex & Money

Private Equity Blew Up My Life

Death, Sex & Money

Slate Podcasts

Business, Health & Fitness, Society & Culture, Careers, Relationships, Sexuality

4.67.6K Ratings

🗓️ 16 September 2025

⏱️ 58 minutes

🧾️ Download transcript

Summary

When Megan Greenwell was 34 she landed a coveted job in journalism as the editor-in-chief of the sports and culture blog, Deadspin. Just over a year later a post about why she was resigning went viral – a private equity firm had bought Deadspin’s parent company, and was seeking "a quick cash-out rather than the growth that comes from a well-run business." Her experience led her to spend six years investigating the industry for her book Bad Company: Private Equity and the Death of the American Dream which follows four Americans whose lives were upended by private equity takeovers in retail, healthcare, housing, and media. Death, Sex & Money is now produced by Slate! To support us and our colleagues, please sign up for our membership program, Slate Plus! Members get ad-free podcasts, bonus content on lots of Slate shows, and full access to all the articles on Slate.com. Sign up today at slate.com/dsmplus. And if you’re new to the show, welcome. We’re so glad you’re here. Find us and follow us on Instagram and you can find Anna’s newsletter at annasale.substack.com. Our new email address, where you can reach us with voice memos, pep talks, questions, critiques, is [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

A few weeks back, we put on an episode about the lives of the very rich.

0:06.0

Evan Osnows and I talked about his book, The Haves and the Have Yachts.

0:10.4

And you all ate it up.

0:12.7

It's our most popular episode of the year so far.

0:16.0

I think it's scratched an important itch.

0:20.1

You all have questions. Who are these very, very rich

0:23.9

people among us? What do they care about? And what do they fear? Because these very, very rich

0:30.6

people, it's their choices that are affecting so many of our lives, like which technologies are going to underpin our economy,

0:40.6

whether they'll create or keep jobs in our industry or community,

0:44.9

and also how much these very, very rich people pay in taxes to pitch in for the government we all need.

0:52.8

Our episode this week is also about people making lots of money in the private equity industry

0:59.3

and what it's like to work for companies that have been bought by private equity.

1:04.9

Don't worry, one of the things we'll get into is what private equity actually means.

1:10.1

Basically, it's like house flipping for business.

1:13.3

The investors buy up companies, but they don't use their own money to do it. And then they get

1:18.9

paid management fees and other payments. So actually making the flipped businesses profitable

1:24.5

so employees can keep their jobs, that's not necessarily the point.

1:30.3

Our guide is Megan Greenwell, a journalist. She wrote a book called Bad Company, Private Equity

1:37.1

and the Death of the American Dream. And in it, she details how confusing it was for her when a private equity company took over the media company Deadspin, where she was editor-in-chief.

1:50.5

It did not go well.

1:52.5

But her writing here doesn't just have the dishy feel of making sense of a bad work experience.

2:00.1

It's also about how she and other people she reports on in the book,

...

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