The Closer

The inside story of the deals that changed the world, as told by the people who know how it all went down. The Closer, out now.

For ad-free listening and exclusive bonus episodes with our Closers, subscribe to Project Brazen’s channel on the Apple Podcasts app. You can try the subscription free for 7 days by going to apple.co/thecloser

Landmark deals can change everything. They can transform how we live. They can alter the course of the economy. The Closer asks: Who made these deals, and why?

Hosted by Aimee Keane, an award-winning financial journalist, each episode features a deal that made an impact on our lives, and hears from the people who know the inside story of those deals.

This show has a thesis: deals are not only the emotional center of the business world, but the building blocks of the world around us. Behind every one of them are tales of failure, betrayal, high stakes, risks – and especially, big personalities. Basically, everything you’d want in a good drama.

From Project Brazen and PRX, this is The Closer, out now.

The 2013 merger between American Airlines and US Airways created the world’s largest airline. But it also marked the ascent of one of the American labor movement’s most visible faces.

For ad-free listening and exclusive bonus episodes with our Closers, subscribe to Project Brazen’s channel on the Apple Podcasts app. You can try the subscription free for 7 days by going to apple.co/thecloser

To sign up for The Closer newsletter and to read more from our team, go to TheCloser.FM.

WeWork’s failed IPO was a stunning failure that played out in daily – at times, hourly – headlines around the world. But before that disaster there was another deal that fell through in private, putting WeWork and its founder Adam Neumann on course for eventual public humiliation. This is the story of Project Fortitude.

For ad-free listening and exclusive bonus episodes with our Closers, subscribe to Project Brazen’s channel on the Apple Podcasts app. You can try the subscription free for 7 days by going to apple.co/thecloser

To sign up for The Closer newsletter and to read more from our team, go to TheCloser.FM.

An exec at the center of Whatsapp’s $19 billion sale explains how the deal finally came together and the dispiriting conflict that roiled the companies after the deal closed. We go inside the story of Facebook’s biggest acquisition.

Is there a business or deal story that you’d like Aimee to cover? Get in touch! You can email us at hello@thecloser.fm or find us on Twitter or Instagram @thecloserpod.

For ad-free listening and exclusive bonus episodes with our Closers, subscribe to Project Brazen’s channel on the Apple Podcasts app. You can try the subscription free for 7 days by going to apple.co/thecloser

To sign up for The Closer newsletter and to read more from our team, go to TheCloser.FM.

A scrappy startup wanted to help people sort their medications, and in the process took on some of the titans of Big Pharma, and won. But that success made it a target for a tech behemoth obsessed with new customers – Amazon.

For ad-free listening and exclusive bonus episodes with our Closers, subscribe to Project Brazen’s channel on the Apple Podcasts app. You can try the subscription free for 7 days by going to apple.co/thecloser

To sign up for The Closer newsletter and to read more from our team, go to TheCloser.FM.

When Brazilian private investment firm 3G took over Kraft and Heinz, they thought they had a perfect plan. The Closer digs into where it went wrong and who got hurt. It’s the story of Ketchup, the evolution of capitalism and the limits of any single successful business strategy.

For ad-free listening and exclusive bonus episodes with our Closers, subscribe to Project Brazen’s channel on the Apple Podcasts app. You can try the subscription free for 7 days by going to apple.co/thecloser

To sign up for The Closer newsletter and to read more from our team, go to TheCloser.FM.

David Bowie: ground-breaking musician; artistic shape-shifter; style icon; and … savvy financial player? We dive into “Bowie Bonds” with the man who created them and unpack their impact on the music business.

For ad-free listening and exclusive bonus episodes with our Closers, subscribe to Project Brazen’s channel on the Apple Podcasts app. You can try the subscription free for 7 days by going to apple.co/thecloser

To sign up for The Closer newsletter and to read more from our team, go to TheCloser.FM.

Financial Times journalist Tabby Kinder was one of the first to report on weaknesses at Silicon Valley Bank. In this episode of The Closer, she breaks down the bank’s swift collapse and tells us what it’s been like covering the story as it unfolds. Read Tabby’s reporting at ft.com/tabby-kinder

For more from The Closer, visit TheCloser.FM.

JP Morgan Chase thought it owned 54 metric tonnes of nickel, the most highly valued base metal. The bank had reason to believe this nickel was stored in bags at a warehouse in Rotterdam. It turns out these bags are, instead, full of stones. Ben and Aimee discuss the case of JP Morgan’s missing nickel and how this story is just the latest drama in the nickel trade.

Is there a business or deal story that you’d like Aimee and Ben to cover? Get in touch! You can email us at hello@thecloser.fm or find us on Twitter or Instagram @thecloserpod.

For more from The Closer, visit TheCloser.FM.

Shares in Chinese e-commerce company Alibaba jumped this week after founder Jack Ma made a rare visit to mainland China, and the company announced plans to break itself into six business units. Ben and Aimee discuss the latest in the tense relationship between Chinese authorities and the country’s tech sector.

Is there a business or deal story that you’d like Aimee and Ben to cover? Get in touch! You can email us at hello@thecloser.fm or find us on Twitter or Instagram @thecloserpod.

For more from The Closer, visit TheCloser.FM.

Two of the biggest names in fighting, WWE and Endeavor’s UFC, are coming together to form a new, publicly traded entity. It’s a tie-up of larger-than-life personalities in the ring (or octagon) and in the boardroom. Ben and Aimee discuss the roles of three executives at the heart of the deal – Ari Emanuel, Vince McMahon and Dana White – and the potential implications of the merger.

Is there a business or deal story that you’d like Aimee and Ben to cover? Get in touch! You can email us at hello@thecloser.fm or find us on Twitter or Instagram @thecloserpod.

For more from The Closer, visit TheCloser.FM.

This week, we’re looking at a deal one of our listeners on Twitter asked us to cover. It’s JetBlue’s $3.8bn takeover of discount carrier Spirit Airlines. The deal was approved by Spirit shareholders last fall, but US authorities have sued to block it on antitrust grounds. Ben and Aimee cover how the deal came together, the regulatory concerns, as well as how the deal fits into the bigger picture of consolidation in the industry in the last two decades. For a longer look at the state of consolidation in the airline industry, check out episode 1 of The Closer, The Deal That Made The World’s Biggest Airline.

Is there a deal you’d like Aimee and Ben to take a deeper look at? Tweet us at @thecloserpod.

www.thecloser.fm

Alongside the release of Netflix’s quarterly earnings, the streaming service announced two big pieces of news this week. One, that it would be ending its DVD mailing business, and two, that it would be delaying a crackdown on password sharing in the US. Ben and Aimee discuss the past, present, and future of Netflix’s growth ambitions.

Is there a business or deal story that you’d like Aimee and Ben to cover? Get in touch! You can email us at hello@thecloser.fm or find us on Twitter or Instagram @thecloserpod.

www.thecloser.fm

Bed Bath & Beyond’s decline and fall is complete. The iconic home goods retailer said this week that it was entering bankruptcy and that all of its stores would be shuttered by the end of June. Ben and Aimee discuss Bed Bath & Beyond’s collapse, diving into stock sales, failed turnarounds, share buybacks, meme stocks and yes, those iconic blue and white coupons.

Is there a business or deal story that you’d like Aimee and Ben to cover? Get in touch! You can email us at hello@thecloser.fm or find us on Twitter or Instagram @thecloserpod.

www.thecloser.fm

The financial press has been reporting on a big trend in dealmaking: it’s way down this year, especially in comparison to the M&A activity of 2021. Aimee and Ben discuss the winners and losers of this new environment, and what it might mean for the types of deals to expect in the months to come.

Is there a business or deal story that you’d like Aimee and Ben to cover? Get in touch! You can email us at hello@thecloser.fm or find us on Twitter or Instagram @thecloserpod.

www.thecloser.fm

The Oakland A’s are one step closer to a move to Las Vegas, reaching a deal this week for a new plot of land that would house a brand new ballpark. Aimee and Ben discuss the developing deal and what it tells us about the state of the business of professional sports.

Is there a business or deal story that you’d like Aimee and Ben to cover? Get in touch! You can email us at hello@thecloser.fm or find us on Twitter or Instagram @thecloserpod.

www.thecloser.fm

Hundreds of thousands of Japanese companies have a problem – their founders are aging without a successor in sight. One entrepreneur has built his $1.3 billion fortune on a solution.

Is there a business or deal story that you’d like Aimee and Ben to cover? Get in touch! You can email us at hello@thecloser.fm or find us on Twitter or Instagram @thecloserpod.

www.thecloser.fm

The US Women’s National Soccer Team is among the most decorated teams in the game but, until recently, was paid a fraction of what the men took home. When the players decided to take up the fight for equal pay, they turned to sports attorney Jeffrey Kessler, who built a career out of representing some of the most high-profile athletes in labor disputes with professional leagues. He takes us inside the team’s strategy and reveals how they got the deal done.

Want more from The Closer? Subscribe to Brazen+ on Apple Podcasts to unlock new episodes before everyone else, as well ad-free listening and exclusive bonus content. To subscribe, visit apple.co/thecloser or sign up on The Closer’s show page in the Apple Podcasts app. Plus, enjoy a 14-day free trial for new subscribers.

We take you inside the final days of Toys R Us with Lauren Hirsch, the reporter who first revealed the iconic company’s impending bankruptcy, and explain what drove the company out of business.

Want more from The Closer? Subscribe to Brazen+ on Apple Podcasts to unlock new episodes before everyone else, as well ad-free listening and exclusive bonus content. Plus, if you subscribe in the next two weeks, get 20% off the annual subscription price. Sign up on The Closer show page in the Apple Podcasts app.

When private equity-backed PetSmart bought Chewy.com for more than $3bn in 2017, people thought the retailer was doomed. Within just a few years, though, it was one of the most successful private equity turnarounds in history thanks to an executive who stuck to his guns. Reporter Miriam Gottfried takes us inside the transformation.

Want more from The Closer? Subscribe to Brazen+ on Apple Podcasts to unlock new episodes before everyone else, as well ad-free listening and exclusive bonus content. Plus, if you subscribe in the next two weeks, get 20% off the annual subscription price. Sign up on The Closer show page in the Apple Podcasts app.

In early 2020, the home-sharing platform was poised to make a splashy debut on the public markets later that year. But within just a few weeks, coronavirus brought travel – and Airbnb business – to a halt. Journalist Liz Hoffman takes us inside the financing that saved the Silicon Valley darling and became one of the defining Wall Street deals of the pandemic.

Want more from The Closer? Subscribe to Brazen+ on Apple Podcasts to unlock new episodes before everyone else, as well ad-free listening and exclusive bonus content. Plus, if you subscribe in the next two weeks, get 20% off the annual subscription price. Sign up on The Closer show page in the Apple Podcasts app.

The Carlyle Group, one of the world’s largest private equity firms, has quietly built a deal-making machine that’s gobbling up apartments in desirable and gentrifying neighborhoods. A real estate broker working at the center of these deals takes us inside the machine as we explore the trends driving this big bet on scarce, expensive housing.

Want more from The Closer? Subscribe to Brazen+ on Apple Podcasts to unlock new episodes before everyone else, as well ad-free listening and exclusive bonus content. Plus, if you subscribe in the next two weeks, get 20% off the annual subscription price. Sign up on The Closer show page in the Apple Podcasts app.

Vince McMahon took over his father’s regional wrestling business in the 1980s, and made it into an international media and entertainment juggernaut valued at billions of dollars. This is the story of how McMahon cleverly bulldozed competitors, acquired rivals and capitalized on the public’s hatred of his tactics, as told by writer Abraham Josephine Riesman.

Want more from The Closer? Subscribe to Brazen+ on Apple Podcasts to unlock new episodes before everyone else, as well ad-free listening and exclusive bonus content. Sign up on The Closer show page in the Apple Podcasts app.

The story of Jet.com, its founder Marc Lore, and how the startup helped retail giant Walmart sharpen its ecommerce edge against Amazon. Featuring Jason Del Rey, author of Winner Sells All: Amazon, Walmart and the battle for our wallets.

Fearing an energy crisis following Russia’s invasion of Ukraine, a little-known policy wonk convinced the Biden Administration to help drive down oil prices by using the US’s government emergency supply of oil in a radical new way. Featuring Skanda Amarnath (@IrvingSwisher), Executive Director of the think tank, Employ America.

When luxury behemoth LVMH tapped Marc Jacobs to lead Louis Vuitton back in 1997, it also acquired the designer’s eponymous label. Hear how the double deal set a new precedent in the industry and helped usher in the era of celebrity and pop culture within the world of high fashion. Featuring Lauren Sherman, fashion journalist for Puck and writer of the Line Sheet newsletter.

For more from The Closer and to subscribe to our newsletter, visit www.thecloser.fm.

Google’s path to going public was rather untraditional from the start. The IPO included secret meetings at Denny’s, an infamous Playboy interview and something known as a “dirty” Dutch Auction. The listing ruffled feathers on Wall Street, and set new precedents for tech companies making their market debuts. Featuring Lise Buyer, partner and founder of Class V Group and one of the architects of Google’s IPO.

For more from The Closer and to subscribe to our newsletter, visit www.thecloser.fm.

You can also subscribe to Brazen+ on Apple Podcasts or at brazen.fm/plus to and get exclusive bonus episodes for The Closer and all our shows, as well as ad-free listening and early access to new podcasts. For the latest from Brazen delivered straight to your inbox, subscribe to our newsletters at brazen.fm/newsletters.

Back in 2019, an unlikely deal took Wall Street and the oil industry by surprise. Occidental Petroleum, commonly called Oxy, acquired Anadarko for $38 billion, beating out oil supermajor Chevron. But before the company triumphed, CEO Vicki Hollub chased Anadarko for nearly two years in pursuit of further expanding Oxy’s footprint in the Permian Basin. Hear how Hollub stunned the oil world and closed the deal in the eleventh hour. Featuring Jordan Blum, Editorial Director for Hart Energy.

For more from The Closer and to subscribe to our newsletter, visit www.thecloser.fm.

You can also subscribe to Brazen+ on Apple Podcasts or at brazen.fm/plus to and get exclusive bonus episodes for The Closer and all our shows, as well as ad-free listening and early access to new podcasts. For the latest from Brazen delivered straight to your inbox, subscribe to our newsletters at brazen.fm/newsletters.

Once a “unicorn”, WeWork has filed for bankruptcy. The co-working company was once valued at $47 billion, but it’s had a rocky few years, including a failed IPO (it later went public through a special purpose acquisition company) and was battered by the pandemic. But what set WeWork on this falling-from-grace path can be traced back to a failed deal between co-founder Adam Neumann and SoftBank’s Masayoshi Son at the end of 2018. This is the story of Project Fortitude. This episode originally aired on February 13, 2023.

For more from The Closer and to subscribe to our newsletter, visit www.thecloser.fm.

The Closer is a Project Brazen production. Subscribe to Brazen+ on Apple Podcasts or at brazen.fm/plus and get exclusive bonus episodes for The Closer and all our shows, as well as ad-free listening and early access to new podcasts.

For more fearless storytelling visit brazen.fm, home to all our podcasts, documentaries and newsletters. At Brazen, we show you how the world really works – from espionage and corruption to deal-making and organised crime, we’ll take you inside stories from hidden worlds.

Ray Dalio founded the firm that became the world’s largest hedge fund more than 40 years ago. For years, he promised to retire. Rob Copeland, author of The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend, takes us inside the fight to succeed him – a negotiation that lasted almost two decades – exposing Bridgewater’s bizarre culture and Dalio’s leadership failures.

For more from The Closer and to subscribe to our newsletter, visit www.thecloser.fm.

The Closer is a Project Brazen production. Subscribe to Brazen+ on Apple Podcasts or at brazen.fm/plus and get exclusive bonus episodes for The Closer and all our shows, as well as ad-free listening and early access to new podcasts.

For more fearless storytelling visit brazen.fm, home to all our podcasts, documentaries and newsletters. At Brazen, we show you how the world really works – from espionage and corruption to deal-making and organised crime, we’ll take you inside stories from hidden worlds.

The Disney we know today came about in a series of game-changing deals led by CEO Bob Iger. But before the entertainment juggernaut bought properties like Pixar and Marvel, Disney, and former CEO Michael Eisner, inked an $19 billion deal for Capital Cities/ABC, Inc. The acquisition kick-started Disney’s transformation from a theme park and animated film business to one of the largest companies in the world. In this episode, media journalist Anna Nicolaou tells us why Iger is now faced with potentially having to sell some of the very assets that fueled his growth spree.

For more from The Closer and to subscribe to our newsletter, visit www.thecloser.fm.

The Closer is a Project Brazen production. Subscribe to Brazen+ on Apple Podcasts or at brazen.fm/plus and get exclusive bonus episodes for The Closer and all our shows, as well as ad-free listening and early access to new podcasts.

For more fearless storytelling visit brazen.fm, home to all our podcasts, documentaries and newsletters. At Brazen, we show you how the world really works – from espionage and corruption to deal-making and organised crime, we’ll take you inside stories from hidden worlds.

Last summer, a Mexican beer overtook the longtime favorite Bud Light as America’s best-selling beer. It happened amid a customer boycott against Bud Light for a marketing campaign featuring transgender social media personality Dylan Mulvaney. But the story of how Modelo knocked Bud Light from its perch is about much more than a marketing u-turn. It’s an antitrust tale that includes the Department of Justice, and one lawyer in particular, along with a once little-known wine and spirits company from upstate New York. Featuring Ina Verstl, a Munich-based journalist who covers the global beer industry.

For more from The Closer and to subscribe to our newsletter, visit www.thecloser.fm.

The Closer is a Project Brazen production. Subscribe to Brazen+ on Apple Podcasts or at brazen.fm/plus and get exclusive bonus episodes for The Closer and all our shows, as well as ad-free listening and early access to new podcasts.

For more fearless storytelling visit brazen.fm, home to all our podcasts, documentaries and newsletters. At Brazen, we show you how the world really works – from espionage and corruption to deal-making and organised crime, we’ll take you inside stories from hidden worlds.

Florida owns a massive property insurance company that’s been gobbling up policies while rates rise and some private insurers leave the state. A deal struck by the state legislature last year aims to fix this insurance market meltdown. To understand what’s happening – and what’s being done to fix it – we talked to former State Senator Jeff Brandes and insurance industry expert Mark Friedlander.

For more from The Closer and to subscribe to our newsletter, visit www.thecloser.fm.

The Closer is a Project Brazen production. Subscribe to Brazen+ on Apple Podcasts or at brazen.fm/plus and get exclusive bonus episodes for The Closer and all our shows, as well as ad-free listening and early access to new podcasts.

For more fearless storytelling visit brazen.fm, home to all our podcasts, documentaries and newsletters. At Brazen, we show you how the world really works – from espionage and corruption to deal-making and organised crime, we’ll take you inside stories from hidden worlds.