Ari Emanuel Acquires Frieze Art Group From Endeavor
'Frieze has always been a source of inspiration for me — both professionally and personally,' Emanuel said in a statement on Thursday. 'Frieze is well positioned for further growth and represents a strategic cornerstone in our new global events platform.'
Frieze chief executive officer Simon Fox will remain in his current role, the company said.
Terms of the deal weren't disclosed. The Financial Times reported that the transaction would value Frieze at nearly $200 million. A representative for the company declined to comment.
Emanuel, the former chief executive officer and co-founder of Endeavor, stepped down after the company was taken private in a $25 billion deal with Silver Lake Management that was completed in March. He remains executive chairman of WME Group, Endeavor's Hollywood talent agency, and has created his own new company backed by investors including alternative asset manager Apollo Global Management Inc. to buy experiences and events. The consortium has also been eying Endeavor's tennis assets including the Miami Open and the Madrid Open, Bloomberg has reported.
The Frieze purchase comes a week before the art fair Frieze New York opens to VIPs. Frieze has seven art fairs around the globe, ranging from Seoul to London to Los Angeles. It also has a media arm, which publishes a magazine.
By James Tarmy
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