Following months of speculation, Endeavor announced today that it has sold art fair and media brand Frieze to a new company founded by Ari Emanuel, the former chief executive of Endeavor. The global sports and entertainment company floated Frieze for potential sale last October, while Endeavor went private last month after it was acquired by the private equity firm Silver Lake Partners at an equity value $13 billion.
Frieze was bought by Emanuel’s as-yet unnamed private global events company for ‘nearly $200m’, according to the Financial Times, of which it will be a ‘strategic cornerstone’. The acquisition encompasses seven art fairs – including Frieze New York, which opens next week (7–11 May) – Frieze magazine and No.9 Cork Street in London. ‘Frieze has always been a source of inspiration for me – both professionally and personally,’ Emanuel said in a statement.
The leadership of Frieze is to remain intact despite changes to the company’s structure, with chief executive Simon Fox remaining in his present role. ‘This news marks an exciting new chapter for Frieze,’ he said. ‘With the support of new ownership, we’re well placed to accelerate our creativity, collaboration and growth.’
