I don't know about this specifically, another user linked this further down the thread.
But the big players in private prisons, CoreCivic and Geo Group, are not panicking—and rumors of their impending demise have been exaggerated. That’s because they’ve been steadily diversifying, placing their bets on a future that includes revenue from commercial real estate, electronic monitoring, and halfway houses.
On a quarterly earnings call just two days after the election, CoreCivic CEO Damon Hininger was asked about the possibility that a Biden administration may end the company’s contracts with the federal Bureau of Prisons. He replied confidently, “We think our risk is pretty minimal there.” He noted that back in 2010, the agency accounted for 15 percent of the company’s revenue. Today it’s just 2 percent.
The BOP had already decided not to renew the contracts. Biden did nothing except say no new ones could be made.
He didn't lift a finger to make this happen, its 100% a media stunt. Capitalism decided not to have any more federal private prisons, not Biden
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I don't know about this specifically, another user linked this further down the thread.
https://www.themarshallproject.org/2020/11/17/think-private-prison-companies-are-going-away-under-biden-they-have-other-plans