Back in 2008, Bain acquired media conglomerate Clear Channel, in a joint deal with Thomas H Lee Partners. But the downturn led to a severe decline in advertising revenue, forcing the firms to cut the company’s permanent costs by over $600 million.
More importantly, shouldn’t the hip-hop community, of all people, sympathise with private equity’s motives? As Wu Tang preaches: “Cash rules everything around me, C.R.E.A.M. get the money, dolla dolla bill y’all”.