Beverly Hills sports activities and leisure firm Endeavor is promoting modern artwork group Frieze to a brand new occasions and experiences firm launched by superagent and Endeavor founder Ari Emanuel.
Monetary phrases of the deal weren’t disclosed.
The deal, which is anticipated to shut within the third quarter, was valued at roughly $200 million, based on the Monetary Occasions.
“Frieze has always been a source of inspiration for me — both professionally and personally,” Emanuel stated in an announcement. “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 beforehand Endeavor’s chief govt and have become govt chairman of Endeavor’s WME Group earlier this 12 months after the corporate was taken non-public by non-public fairness backer Silver Lake.
Endeavor acquired Frieze in 2016. In 2023, Endeavor bought the remaining 30% possession for $16.5 million, based on firm filings made with the U.S. Securities and Change Fee.
London-based Frieze was based in 1991 by Amanda Sharp, Matthew Slotover and Tom Gidley with the launch of Frieze journal, which coated modern artwork and tradition. Frieze, which additionally has editorial and digital platforms, holds artwork gala’s in areas together with Chicago, London, Los Angeles, New York and Seoul.
The group has greater than 150 workers. CEO Simon Fox and the prevailing management staff will proceed to supervise Frieze, Endeavor stated.
When Endeavor constructed its huge media empire because it headed towards changing into a public firm in 2021, Emanuel pulled collectively diversified leisure property underneath one umbrella, together with sports activities leagues and companies concerned in advertising, licensing and unscripted content material.
However some traders have been skeptical of that technique and Endeavor has since offered a few of these components, together with a transfer to mix UFC with WWE in a separate publicly traded agency known as TKO. Endeavor went non-public in March.
“Endeavor is streamlining away from the big ‘flywheel’ they pitched during their time as a public company,” stated Brandon Ross, a accomplice and media and expertise analyst at LightShed Companions. “Ari’s personal interests and ambitions remain larger than new Endeavor.”
