Honestly, I was kinda hoping there’d be some fireworks during today’s Endeavor town hall discussing the company’s long-discussed move to go private. Instead, the meeting was brief and virtual, I’m told—mostly just Ari Emanuel, Patrick Whitesell, and Mark Shapiro thanking their 10,000 or so employees. It was also a chance for Whitesell to try to assuage concerns that the disclosure of his new $250 million venture opportunity—his first without Emanuel since the agents began working together at InterTalent in the early ’90s—means he’s got one foot out the door. A separate meeting followed with a couple hundred pre-I.P.O. equity holders, with executives revealing that once the transaction closes, shareholders will be cashed out for at least 90 percent of their vested pre-I.P.O. shares.

Great, good for them, but have you seen these payouts for the leadership? The C-suite stands to make a killing. When private equity firm Silver Lake officially acquires Endeavor early next year at a valuation of $13 billion, or $27.50 per share, casual investors will largely shrug. Endeavor I.P.O.’d in April 2021 at $24 per share, meaning those who bought into the sports and entertainment conglomerate on Day One have endured a profitable yet ultimately disappointing three-year ride.