Ari Emanuel buys Frieze for $200 million

The deal is expected to be completed in the third quarter of the year: the powerful Hollywood agent Ari Emanuel, until last month ceo of the media and entertainment company Endeavor, is closing the purchase of the art fair Frieze and the Frieze publishing group from Endeavor, a group he co-founded. According to a statement released by Endeavor and leaks in the media, although the terms of the acquisition were not disclosed, sources with direct knowledge of the deal said that Frieze will be valued at almost $200 million, exceeding expectations. It is the first purchase by Emanuel's new global events company, backed by a consortium of investors that includes investment firms Apollo Global Management and RedBird Capital Partners.

"Frieze has always been a source of inspiration for me, both professionally and personally," said Emanuel. "Having worked with the team for almost a decade, I have seen first-hand the strength of their community and the ambition that drives their mission: to expand the reach and understanding of contemporary art. Frieze is well positioned for further growth and is a strategic pillar of our new global events platform."

Frieze's CEO, Simon Fox, and his management team will continue to oversee the business and "work closely and promise a smooth transition" with Emanuel, according to Endeavor Group. "Legal counsel Latham & Watkins LLP contributed to the deal, while The Raine Group and BDT & MSD Partners acted as financial advisors to Endeavor Group Holdings, Inc. Akin Gump acquirer Strauss Hauer & Feld LLP acted as legal advisor and Goldman Sachs & Co. LLC and LionTree Advisors LLC as financial advisors. Endeavor in 2016 had acquired a 70 per cent stake in Frieze in 2016 under Emanuel's leadership, before acquiring full ownership in 2023. It had stated last year that it was considering the sale of Frieze.

As Bloomberg News previously reported, the consortium formed by Emanuel is also vying to purchase Endeavor's tennis assets, including the Miami and Madrid Open tournaments. In fact, Emanuel is rapidly expanding a new set of holdings: in March, OpenBet was sold by Endeavor Group Holdings, Inc. to OB Global, a management buyout backed by Ariel Emanuel with the participation of OpenBet executives. Earlier this week, Sports Business Journal reported that Emanuel, in his personal capacity, along with other executives, will invest in a new independent basketball agency as part of WME Sports' divestment of its basketball representation business to address a potential conflict of interest following the acquisition by private equity firm Silver Lake of Endeavor last month. After the $25 billion takeover, the Endeavor company changed its name to WME Group. After the acquisition of Silver Lake, from which Emanuel received a cash payment of $173.8 million, the businessman stepped down from his role as CEO of Endeavor and executive chairman of WME Group, Endeavor's Hollywood talent agency, now headed by Mark Shapiro.

Frieze was founded by Amanda Sharp, Matthew Slotover and Tom Gidley with the launch of Frieze magazine in London as a contemporary art magazine, which from its very first issues stood out for its ability to intercept and report on trends and experimentation, quickly becoming a reference point for the contemporary art world. After the magazine launched its first fair in London in 2003. The brand has grown to include seven of the world's most important art fairs, in cities such as Chicago, London, Los Angeles, New York and Seoul, as well as running an exhibition centre in London. From 7 to 11 May Frieze New York opens its thirteenth edition at The Shed at Hudson Yards in Manhattan, with over 65 participating galleries. The exhibition attracts "tens of thousands of visitors", including "ultra-rich collectors who could spend more than $1 million on a single painting", according to the New York Times. Frieze also hosts curated year-round programmes and related initiatives, such as No.9 Cork Street and Frieze 91 in London's Mayfair district, which enrich the cultural landscape.