Brew Markets Rupert Murdoch Locks Down His Legacy & Potbelly: This Week’s Merger Moment
Sep 11, 2025
Discover the intriguing shift of Potbelly from public to private ownership and its implications for restaurant stocks. Dive into the Murdoch family's succession saga, revealing contrasting visions for their media empire and the financial stakes involved. Learn about the nuances of insider sales, especially regarding key executives, and how to differentiate between warning signs and valid financial needs. Finally, explore the latest market highlights and the economic forces at play, including inflation and labor trends.
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Public Market Shrinkage Continues
- Potbelly is being taken private by Racetrack at $17.12 per share, removing a growing restaurant name from public markets.
- This fits a broader trend: US public listings fell from ~7,000 in 1996 to ~4,000 today due to consolidation and private buyouts.
CEO Conversation Highlights Growth Plan
- Ann Berry describes her conversation with Bob Wright, Potbelly's CEO, and praises his execution-focused strategy since joining five years ago.
- She credits Wright's plans—franchising and digitization—with a ~300% share recovery since the pandemic.
Why Companies Exit Public Markets
- Multiple forces shrink the public company universe: public-company M&A, private equity takeovers, and private strategic buyers.
- Companies also choose to remain private longer, making access to growth names harder for retail investors.