Rise & Ruin: Empire Files

Rise & Ruin
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True stories of how business empires rise, and why they fall. Each Empire File takes one company, from Nokia and Kodak to Enron, Lehman Brothers and Pan Am, and tells how it rose, the moment it all went wrong, and the lessons for anyone building something today. Researched and fact-checked by the Rise & Ruin team, narrated with an AI voice. Watch every episode with photos, documents and maps on YouTube: https://www.youtube.com/@riseundruin

  1. Oct 31

    Why Did Atari Fail? The Company That Buried Its Games in the Desert

    Why did Atari fail? In September 1983, trucks dumped Atari game cartridges in a New Mexico landfill and workers poured concrete over them. One year earlier, Atari was bringing in about $2 billion a year.This is the story of Atari: the $500 start, Pong, the quarters that jammed the first machine, the Atari 2600, the programmers who walked out and founded Activision, twelve million Pac-Man cartridges, the E.T. game built in about five weeks, the crash of 1983, and the Alamogordo dig in 2014.Watch this Empire File with photos and documents on YouTube: https://youtu.be/_VbSVRiAzDkSubscribe on YouTube: https://www.youtube.com/@riseundruinSources- Encyclopedia.com, Atari Corporation company history (founding, Warner purchase, revenue, 1983 losses, 1984 split): https://www.encyclopedia.com/books/politics-and-business-magazines/atari-corporation- CNBC, Ted Dabney, a founder of Atari and a creator of Pong: https://www.cnbc.com/2018/06/01/ted-dabney-a-founder-of-atari-and-a-creator-of-pong-dies-at-81.html- IEEE Spectrum, the Atari 2600 (Consumer Electronics Hall of Fame): https://spectrum.ieee.org/the-consumer-electronics-hall-of-fame-atari-2600- Game Informer, how four programmers founded Activision: https://gameinformer.com/b/features/archive/2013/02/26/activisionaries-how-four-programmers-changed-the-game-industry-forever- Time, E.T. for the Atari 2600: https://entertainment.time.com/2012/05/25/et-at-30/slide/the-worst-video-game-of-all-time/- KMUW, the video game crash: https://www.kmuw.org/your-move/2017-05-18/video-game-crash-your-move- CBS News (AP), diggers find Atari's E.T. games in the landfill (April 2014; about 728,000 cartridges buried, per former Atari manager James Heller): https://www.cbsnews.com/amp/news/diggers-find-ataris-et-games-in-landfillNarrated with an AI voice. Researched and fact-checked by the Rise & Ruin team.

  2. Oct 27

    Why Did Pan Am Fail? The Airline That Took Reservations for the Moon

    Why did Pan Am fail? More than 93,000 people signed up for Pan Am's first flights to the Moon. Twenty years later, the airline that defined the jet age was gone.This is the story of Pan Am: the Key West mail route, the Clipper flying boats, the first American jet across the Atlantic, the Boeing 747 bet, the First Moon Flights Club, the National Airlines merger, the sale of its crown jewels, and the end in December 1991.Watch this Empire File with photos and documents on YouTube: https://youtu.be/-kn_wGY0kfUSubscribe on YouTube: https://www.youtube.com/@riseundruinSources- Smithsonian National Air and Space Museum, the First Moon Flights Club (over 93,000 cards, 1968 to 1971): https://airandspace.si.edu/stories/editorial/were-you-member-%E2%80%9Cfirst-moon-flights%E2%80%9D-club- Smithsonian Air & Space, the 707 flight that changed everything (Oct 26, 1958, New York to Paris): https://www.smithsonianmag.com/air-space-magazine/707-flight-changed-everything-180971219/- U.S. Centennial of Flight Commission, Pan Am history (Oct 19, 1927 first flight, Clippers, 747): https://centennialofflight.net/essay/Commercial_Aviation/Pan_Am/Tran12.htm- Encyclopaedia Britannica, Pan American World Airways (1936 Pacific, 1939 Atlantic, 1947 round the world, 1991 bankruptcy and shutdown): https://www.britannica.com/print/article/440588- The Pan Am Museum, the Boeing 747 (25 ordered in 1966, first passenger flight Jan 22, 1970): https://thepanammuseum.org/exhibit/when-things-get-jumbo- Pan Am Historical Foundation, the Pan Am Building (1963, sold to MetLife for $400 million): https://www.panam.org/jet-age/air-rights-the-pan-am-building-2- Airways Magazine, Pan Am acquires National Airlines ($437 million): https://airwaysmag.com/new-post/pan-am-acquires-national-airlines- Airways Magazine, United buys Pan Am's Pacific Division ($750 million): https://airwaysmag.com/united-pan-am-pacific-division- Hospitality ON, InterContinental history (sold to Grand Metropolitan for $500 million in 1981): https://hospitality-on.com/en/distribution/exclusive-data-25-years-hospitality-1777-today-history-intercontinental-hotel-group- Delta Flight Museum, Pan Am (routes and shuttle acquired in 1991): https://www.deltamuseum.org/delta-history/family-tree/pan-am- Deseret News, Dec 5, 1991, Pan Am grounded permanently (about 7,500 jobs): https://www.deseret.com/1991/12/5/18955296/pan-am-grounded-permanently/Narrated with an AI voice. Researched and fact-checked by the Rise & Ruin team.

  3. Oct 24

    Enron Was America's Most Innovative Company. Its Profits Were Invented

    In August 2000, Enron's stock hit $90. Fifteen months later it was worth 61 cents. Fortune had called it the most innovative large company in America. What it was really inventing was its profits.This is the story of how a gas pipeline company became a Wall Street star: mark to market accounting, the Blockbuster streaming deal, the hidden side companies, the warning letter, and the biggest bankruptcy in American history at the time.Watch this Empire File with photos and documents on YouTube: https://youtu.be/o1LHMGajD-sSubscribe on YouTube: https://www.youtube.com/@riseundruinSources- Famous Trials (UMKC), Enron chronology (1985 merger, 1992 mark to market approval, $90 stock high, Skilling resignation, Watkins letter, Dynegy, $0.61, bankruptcy, Andersen, convictions): https://famous-trials.com/enron/1789-chronology- International Banker, The Enron scandal (2001) ($68B peak value, Blockbuster deal profit, Fastow $45M, Andersen $52M fees, $63.4B assets, 4,000 jobs, sentences): https://internationalbanker.com/history-of-financial-crises/the-enron-scandal-2001/- ABA Journal, Dec. 2, 2001: Enron files for bankruptcy: https://abajournal.com/magazine/article/dec_2_2001_enron_files_for_bankruptcy- Congressional Research Service, Enron bankruptcy and employer stock in retirement plans (62% of 401(k) assets in Enron stock): https://legistorm.com/reports/view/crs/216324/Enron_Bankruptcy_and_Employer_Stock_in_Retirement_Plans.html- IDM, Enron in broadband scam (Blockbuster deal ended March 2001): https://idm.net.au/node/5246Narrated with an AI voice. Researched and fact-checked by the Rise & Ruin team.

  4. Oct 21

    Lehman Brothers Survived 158 Years. It Didn't Survive One Weekend

    On September 15, 2008, Lehman Brothers filed for bankruptcy with $639 billion in assets, the biggest bankruptcy in American history. The firm had lived through the Civil War and the Great Depression. It didn't survive one weekend in 2008.This is the story of a small Alabama store that became a giant of Wall Street: the cotton trade, the housing bet, borrowing at 30 to 1, the Repo 105 accounting trick, and the weekend nobody came to the rescue.Watch this Empire File with photos and documents on YouTube: https://youtu.be/AaAzwIjWbwwSubscribe on YouTube: https://www.youtube.com/@riseundruinSources- History.com, Lehman Brothers collapses (1844 founding, $639B assets, $613B debts, 25,000 employees, five mortgage lenders, $111B real estate assets, Dow fell 500+ points, Barclays): https://www.history.com/this-day-in-history/september-15/lehman-brothers-collapses- Harvard Business School Baker Library, Lehman Brothers: general merchants to commodities brokers (Henry, Emanuel and Mayer Lehman, cotton, New York Cotton Exchange): https://www.library.hbs.edu/special-collections-and-archives/exhibits/lehman/general-merchants-to-commodities-brokers- The Saturday Evening Post (2019), Lehman Brothers: the company that nearly bankrupted America ($360M sale in 1984, 1994 spin-off, roughly 30 to 1 leverage, 45% share drop): https://www.saturdayeveningpost.com/2019/01/lehman-brothers-the-company-that-nearly-bankrupted-america/- EBSCO Research Starters, Collapse of Lehman Brothers ($2.8B loss in June 2008, Bear Stearns): https://www.ebsco.com/research-starters/economics/collapse-lehman-brothers- Mail & Guardian (2010), Lehman's illegal gimmicks (Repo 105, up to $50B, examiner's report): https://mg.co.za/business/2010-03-23-lehman-s-illegal-gimmicks/Narrated with an AI voice. Researched and fact-checked by the Rise & Ruin team.

  5. Oct 18

    Sears Quit Selling From Home One Year Before Amazon

    In 1993, Sears shut down its famous catalog. One year later, Amazon was founded. Sears had been selling to people at home for a hundred years.This is the story of the store that sold everything: the watch seller from Minnesota, the catalog that sold entire houses, the tallest building in the world, the Kmart deal, and the slow sale of everything Sears owned.Watch this Empire File with photos and documents on YouTube: https://youtu.be/e8OdW9-D-MISubscribe on YouTube: https://www.youtube.com/@riseundruinSources- History.com, Sears catalog sold everything from houses to hubcaps (1886 watches, Alvah Roebuck, 322 pages in 1894, 70,000 to 75,000 kit homes from 1908 to 1940): https://www.history.com/articles/sears-catalog-houses-hubcaps- Fox Business (Oct 2018), Sears through the years (1893 name, Kenmore 1913, Craftsman 1927 for $500 and 2017 sale for $900M, Allstate 1931, Sears Tower 1973, Discover 1985, catalog ended 1993): https://www.foxbusiness.com/markets/sears-through-the-years-from-watch-seller-to-tower-builder- The Motley Fool (Oct 2018), Now-bankrupt Sears was once the Amazon and Walmart (Walmart passed Sears by 1991): https://www.fool.com/investing/2018/10/16/now-bankrupt-sears-was-once-the-amazon-and-walmart.aspx- PCWorld, Exploring the lost world of Prodigy (run by IBM and Sears, 1988 to 1996): https://www.pcworld.com/article/419660/this-old-tech-exploring-the-lost-world-of-prodigy-one-screen-at-a-time.html- NBC News (Nov 2004), Kmart to acquire Sears in $11 billion deal (about 3,500 stores, third biggest US retailer): https://www.nbcnews.com/id/6509683/- The Motley Fool (Oct 2018), Sears bankruptcy: how it got here ($11.3B liabilities, Lands' End, Seritage, store closures): https://www.fool.com/investing/2018/10/15/sears-bankruptcy-how-it-got-here-and-what-happens.aspx- CNBC (Jan 2019), Sears chairman prevails in bankruptcy auction with $5.2 billion bid (425 stores, up to 45,000 jobs): https://www.cnbc.com/2019/01/16/sears-chairman-reportedly-prevails-in-bankruptcy-auction-for-retailer-with-5point2-billion-bid.html- CoStar (July 2025), Once-giant Sears could soon be down to just five locations (eight stores left): https://www.costar.com/article/1406528706/once-giant-sears-could-soon-be-down-to-just-five-locationsNarrated with an AI voice. Researched and fact-checked by the Rise & Ruin team.

  6. Oct 15

    Toys R Us Was Bought With $5 Billion of Its Own Debt

    In 2005, three investment firms bought Toys R Us for $6.6 billion. More than $5 billion of it was borrowed, and the toy store itself had to pay it back. Twelve years later, Toys R Us was bankrupt. Six months after that, all 735 of its American stores were closing.This is the story of the toy store every child knew: the backwards R, the ten-year Amazon deal that went to court, the leveraged buyout, and the brand that refused to die.Watch this Empire File with photos and documents on YouTube: https://youtu.be/PjyxjpOVxbkSubscribe on YouTube: https://www.youtube.com/@riseundruinSources- CNBC (Mar 2018), Toys R Us founder Charles Lazarus dies at 94 (1948 founding, 1957 first store, backwards R): https://www.cnbc.com/2018/03/22/toys-r-us-founder-charles-lazarus-dies-at-94-as-toy-empire-liquidates.html- NPR (1999), Toys Were Us (losing ground to Walmart): https://www.npr.org/1999/11/28/1067149/toys-were-us- Out-Law / Pinsent Masons (2006), Toysrus.com wins Amazon.com exclusivity suit: https://www.pinsentmasons.com/out-law/news/toysruscom-wins-amazoncom-exclusivity-suit- TechCrunch (June 2009), Amazon pays $51 million to end battle with Toys R Us: https://techcrunch.com/?p=73108- Forbes (Sept 2017), The big investment firms that lost $1.3 billion in the Toys R Us bankruptcy ($6.6B buyout, $5.3B+ debt, ~$400M a year, CEO filing quote): https://www.forbes.com/sites/nathanvardi/2017/09/19/the-big-investment-firms-that-lost-1-3-billion-on-the-toys-r-us-bankruptcy/- CBS News (Mar 2018), Toys R Us shutting U.S. stores, liquidating inventory (735 stores, 33,000 jobs, $5B+ debt): https://www.cbsnews.com/news/toys-r-us-shutting-u-s-stores-liquidating-inventory/- NPR (July 2022), Toys R Us is making another comeback, this time in Macy's stores: https://www.npr.org/2022/07/19/1112275498/toys-r-us-macys-stores- Retail Brew (Nov 2025), Toys R Us is making a comeback (WHP Global, new stores): https://www.retailbrew.com/stories/2025/11/12/toys-r-us-is-making-a-comeback-and-toymakers-are-rejoicingNarrated with an AI voice. Researched and fact-checked by the Rise & Ruin team.

  7. Oct 15

    How Yahoo Introduced the World to Google

    In February 2008, Microsoft offered $44.6 billion for Yahoo. Yahoo said no. Eight years later, it agreed to sell its core internet business to Verizon for less than $5 billion.This is the story of the company that was once the front door to the internet: how it put Google's name next to its own search box, offered $1 billion for Facebook and was turned down, rejected Microsoft, and then lost data from all three billion of its accounts.Watch this Empire File with photos and documents on YouTube: https://youtu.be/nLxWpRYVQbYSubscribe on YouTube: https://www.youtube.com/@riseundruinSources- Stanford Engineering, David Filo (Jerry and Dave's guide, 1994; Yahoo co-founded 1995): https://engineering.stanford.edu/about/history/heroes/2013-heroes/david-filo- Axios (2021), Verizon sold AOL and Yahoo for about 1% of their peak valuation ($125B+ peak, $4.48B, $5B Apollo sale): https://www.axios.com/2021/05/04/verizon-aol-yahoo-valuations- NBC News (2009), How Yahoo "just lost their way" with search (Google partnership in 2000, $2B+ on search acquisitions): https://www.nbcnews.com/news/amp/wbna32221094- Inc., Peter Thiel on the day Zuckerberg turned down Yahoo's $1 billion: https://www.inc.com/allison-fass/peter-thiel-mark-zuckerberg-luck-day-facebook-turned-down-billion-dollars.html- ABC News (2008), Yahoo: Microsoft bid undervalues company ($44.6B, $31 a share, 62% premium): https://abcnews.com/Business/story?id=4606934&page=1- CNBC (May 2008), Microsoft withdraws offer to acquire Yahoo ($33 a share; Yahoo reportedly wanted $37): https://www.cnbc.com/2008/05/03/microsoft-withdraws-offer-to-acquire-yahoo.html- Forbes (2016), How Jerry Yang killed Yahoo, by saving it (Alibaba stake): https://www.forbes.com/sites/briansolomon/2016/07/25/yahoo-verizon-sold-alibaba-jerry-yang/- CNBC (June 2017), Verizon completes its $4.48 billion acquisition of Yahoo: https://www.cnbc.com/2017/06/13/verizon-completes-yahoo-acquisition-marissa-mayer-resigns.html- TechCrunch (Feb 2017), Verizon knocks $350M off Yahoo sale after data breaches: https://techcrunch.com/2017/02/21/verizon-knocks-350m-off-yahoo-sale-after-data-breaches-now-valued-at-4-48b/- Phys.org (AFP, Oct 2017), 2013 hack hit all 3 billion Yahoo accounts: https://phys.org/news/2017-10-hack-billion-yahoo-accounts-company.htmlNarrated with an AI voice. Researched and fact-checked by the Rise & Ruin team.

  8. Oct 11

    Facebook Didn't Kill MySpace. MySpace Did

    In July 2006, for one week, MySpace was the most visited website in America by one research firm's count, ahead of Google and Yahoo. News Corp had bought it a year earlier for $580 million. In 2011, it sold MySpace for about $35 million.The usual story is that Facebook killed it. But MySpace was already hurting itself: a $900 million ad deal with traffic targets, twice as many ads, a product its own co-founder says lacked focus, and a rival that let others build on its platform. This is the rise and ruin of the social network that taught a generation how to live online.Watch this Empire File with photos and documents on YouTube: https://youtu.be/FPAyYKlGgToSubscribe on YouTube: https://www.youtube.com/@riseundruinSources- TechCrunch (July 2006), MySpace hit #1 US destination last week, Hitwise: https://techcrunch.com/2006/07/11/myspace-hit-1-us-destination-last-week-hitwise/- Rochester Business Journal (AP, July 2005), News Corp. to buy MySpace.com owner for $580 million: https://rbj.net/2005/07/18/news-corp-to-buy-myspace-com-owner-for-580-million/- Britannica, Tom Anderson (MySpace founding, eUniverse): https://www.britannica.com/biography/Tom-Anderson- Deseret News (AP, Aug 2006), Google, MySpace sign $900 million deal: https://www.deseret.com/2006/8/8/19967462/google-myspace-sign-900-million-deal/- HuffPost (2011), How MySpace fell apart (DeWolfe, Gold and Parker quotes, user losses, layoffs): https://www.huffpost.com/entry/how-myspace-fell-apart_n_887853- Washington Post (June 2008), Facebook passes MySpace with global boost (comScore, May 2008): https://www.washingtonpost.com/wp-dyn/content/article/2008/06/23/AR2008062302094.html- PCWorld (June 2009), Facebook overtakes MySpace in U.S. (comScore, May 2009): https://www.pcworld.com/article/523618/facebook_overtakes_myspace_in_us.html- TechCrunch (Apr 2009), MySpace CEO Chris DeWolfe steps down: https://techcrunch.com/2009/04/22/confirmed-myspace-ceo-chris-dewolfe-steps-down/- NPR (June 2011), News Corp. sells MySpace for $35 million: https://www.npr.org/2011/06/30/137518428/the-last-word-in-business- TechCrunch (Oct 2011), Murdoch on MySpace: "I made a huge mistake": https://techcrunch.com/2011/10/21/murdoch-on-myspace-i-made-a-huge-mistake/- NPR (Mar 2019), MySpace says it lost years of user-uploaded music: https://www.npr.org/2019/03/18/704458168/myspace-says-it-lost-years-of-user-uploaded-musicNarrated with an AI voice. Researched and fact-checked by the Rise & Ruin team.

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True stories of how business empires rise, and why they fall. Each Empire File takes one company, from Nokia and Kodak to Enron, Lehman Brothers and Pan Am, and tells how it rose, the moment it all went wrong, and the lessons for anyone building something today. Researched and fact-checked by the Rise & Ruin team, narrated with an AI voice. Watch every episode with photos, documents and maps on YouTube: https://www.youtube.com/@riseundruin

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