MainConcept, a veteran in video and audio codec technology, has completed a management buyout—liberating itself from Endeavor Group Holdings after seven years in corporate captivity. The move is a fitting new chapter for a company that has passed through almost every kind of ownership imaginable during its three decades of business—from consumer tech to private equity to sports streaming. A return to independence is arguably the best possible outcome for MainConcept. It lifts the weight of corporate red tape but brings new risks, namely losing the financial insulation and marketing muscle that come with being part of a larger entity. Codec R&D is notoriously expensive and time-consuming, and MainConcept now has to sustain that cadence on its own. Still, management…