This was a win for whomever bought it. They cut costs and killed an underperforming unit. Assuming it’s part of a larger entity, they’re able to strip this parts or shutter it completely to post a loss they’ll get tax credit for or can use to offset gains elsewhere. Modern US capitalism only cares about short term shareholder value increases and this story, when viewed through that lens, is just another day in the world of investment banks, venture capital, and corporate sharks.
Note I’m not saying it’s a win for people. In the 70s and 80s when the US markets moved shareholder value above customers and employees, life got fucked. It’s just naive to think any of this actually matters beyond dollars on a balance sheet. Gamurs Group can spin the shutdown of The Escapist as a net win or can rebuild the publication at a loss, also as a net win. They don’t fucking care.
This was a win for whomever bought it. They cut costs and killed an underperforming unit. Assuming it’s part of a larger entity, they’re able to strip this parts or shutter it completely to post a loss they’ll get tax credit for or can use to offset gains elsewhere. Modern US capitalism only cares about short term shareholder value increases and this story, when viewed through that lens, is just another day in the world of investment banks, venture capital, and corporate sharks.
Note I’m not saying it’s a win for people. In the 70s and 80s when the US markets moved shareholder value above customers and employees, life got fucked. It’s just naive to think any of this actually matters beyond dollars on a balance sheet. Gamurs Group can spin the shutdown of The Escapist as a net win or can rebuild the publication at a loss, also as a net win. They don’t fucking care.
What makes you say the Escapist was underperforming?
I’m speaking from the perspective of how it will be spun. Why would Gamurs Group take a loss on this?