Taylor Swift shared her joy of being free from private equity underwriter (PEU) ownership of her early music, first The Carlyle Group and then Shamrock Capital. People reported:
"I've been bursting into tears of joy at random intervals ever since I found out that this is really happening. I really get to say these words: All of the music I've ever made... now belongs... to me. And all my music videos. All the concert films. The album art and photography. The unreleased songs. The memories. The magic. The madness. Every single era, My entire life's work."
Swift had the resources to buy back her first six albums and material related to those works. Most people are not so lucky to separate from PEU control in such a manner. Many are fired after new PEU owners take over the company. Others endure the crap sandwich until they can find another job or retire.
Bravo for Taylor. Like refreshing Mountain Water, it's great when a star or city can get their desired Carlyle owned assets. In December 2019 Carlyle Group co-founder David Rubenstein promised a resolution, only to flip Swift's music to another PEU. The City of Missoula, Montana endured the same carrot dangling and yanking as Taylor Swift. It too, eventually got ownership of its local water utility.
Star performers and municipalities have seen PEU greed and duplicitousness up close, as have many workers in PEU owned companies. Today, let's celebrate Ms. Swift's win. They are few and far between.
