In 2021, Endeavor became a public company through an IPO, valued at just over $10 billion. CEO Ari Emanuel's payday included a $308 million bonus, while his employees claimed they were shortchanged. Silver Lake's stake and the amount of shares it sold were undisclosed, but would have been in the billions. CAA, meanwhile, was acquired in 2023 by Groupe Artémis, the investment firm of the Pinault family, who operate a luxury goods empire and are one of the wealthiest families in the world. TPG's profit in its investment is undisclosed, but it was reported to be a rate of return of more than 30 percent. Both shadow studios, fueled by shadow banking, are yet another example of the private equity racket: facilitating consolidation, running roughshod over labor, enriching the wealthy, and profiting handsomely in the process.

Andrew deWaard, Derivative Media, loc. 262