Beverly Hills sports and entertainment company Endeavor is selling contemporary art organization Frieze to a new events and experiences company launched by superagent and Endeavor founder Ari Emanuel.
Financial terms of the deal were not disclosed.
The deal, which is expected to close in the third quarter, was valued at roughly $200 million, according to the Financial Times.
“Frieze has always been a source of inspiration for me — both professionally and personally,” Emanuel said in a statement. “Having worked with the team for nearly a decade, I’ve seen firsthand the strength of their community and the ambition driving their mission to expand the reach and understanding of contemporary art. Frieze is well positioned for further growth and represents a strategic cornerstone in our new global events platform.”
Emanuel was previously Endeavor’s chief executive and became executive chairman of Endeavor’s WME Group earlier this year after the company was taken private by private equity backer Silver Lake.
Endeavor acquired Frieze in 2016. In 2023, Endeavor purchased the remaining 30% ownership for $16.5 million, according to company filings made with the U.S. Securities and Exchange Commission.
London-based Frieze was founded in 1991 by Amanda Sharp, Matthew Slotover and Tom Gidley with the launch of Frieze magazine, which covered contemporary art and culture. Frieze, which also has editorial and digital platforms, holds art fairs in locations including Chicago, London, Los Angeles, New York and Seoul.
The organization has more than 150 employees. CEO Simon Fox and the existing leadership team will continue to oversee Frieze, Endeavor said.
When Endeavor built its massive media empire as it headed toward becoming a public company in 2021, Emanuel pulled together varied entertainment assets under one umbrella, including sports leagues and businesses involved in marketing, licensing and unscripted content.
But some investors were skeptical of that strategy and Endeavor has since sold some of those parts, including a move to combine UFC with WWE in a separate publicly traded firm called TKO. Endeavor went private in March.
“Endeavor is streamlining away from the big ‘flywheel’ they pitched during their time as a public company,” said Brandon Ross, a partner and media and technology analyst at LightShed Partners. “Ari’s personal interests and ambitions remain larger than new Endeavor.”
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