Main Entry: pri·vat·ize

Pronunciation: \ˈprī-və-ˌtīz\

Function: transitive verb

Date: 1948

: to make private; especially : to change (as a business or industry) from public to private control or ownership

— pri·vat·i·za·tion \ˌprī-və-tə-ˈzā-shən\ noun