Beverly Hills sports activities and leisure firm Endeavor is promoting up to date 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 predicted to shut within the third quarter, was valued at roughly $200 million, in response to the Monetary Occasions.
“Frieze has always been a source of inspiration for me — both professionally and personally,” Emanuel mentioned 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 government and have become government 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, in response to firm filings made with the U.S. Securities and Alternate Fee.
London-based Frieze was based in 1991 by Amanda Sharp, Matthew Slotover and Tom Gidley with the launch of Frieze journal, which coated up to date artwork and tradition. Frieze, which additionally has editorial and digital platforms, holds artwork festivals in places together with Chicago, London, Los Angeles, New York and Seoul.
The group has greater than 150 workers. CEO Simon Fox and the prevailing management group will proceed to supervise Frieze, Endeavor mentioned.
When Endeavor constructed its huge media empire because it headed towards turning into a public firm in 2021, Emanuel pulled collectively different leisure belongings below one umbrella, together with sports activities leagues and companies concerned in advertising and marketing, licensing and unscripted content material.
However some traders had been skeptical of that technique and Endeavor has since bought a few of these components, together with a transfer to mix UFC with WWE in a separate publicly traded agency referred to 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,” mentioned Brandon Ross, a associate and media and know-how analyst at LightShed Companions. “Ari’s personal interests and ambitions remain larger than new Endeavor.”
