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Hollywood powerbroker Ari Emanuel is buying the Frieze global art fair and publishing group from Endeavor, the entertainment group he co-founded, in a deal valued at $200mn.
The sale is likely to close in the third quarter of the year, according to a statement by Endeavor on Thursday. While the terms of the acquisition have not been disclosed, people with direct knowledge of the deal said it would value Frieze at nearly $200mn, putting it above expectations.
It is the first purchase by Emanuel’s global events company, which is backed by a consortium of investors including the investment companies Apollo Global Management and RedBird Capital Partners.
“Frieze has always been a source of inspiration for me — both professionally and personally,” Emanuel said. The fair group “represents a strategic cornerstone in our new global events platform”, he added.
The consortium is also in the running to buy Endeavor’s tennis assets, which include the Miami and Madrid Open tournaments, Bloomberg News previously reported.
Endeavor — the US-based entertainment group that was bought for $25bn earlier this year by the private equity firm Silver Lake — first bought a 70 per cent stake in Frieze in 2016 under Emanuel’s leadership and then took full ownership in 2023. It said last year that it was exploring a sale of Frieze.
Emanuel left his role as Endeavor’s chief executive in the wake of the takeover and he is the executive chair of WME Group, Endeavor’s Hollywood talent agency.
Frieze was founded as a contemporary art magazine in 1991 and launched its first fair in London in 2003. The group now runs seven events around the world, including one in Seoul and four in the US, as well as a gallery hub in London. Next week, Frieze New York opens its 13th edition.
Frieze chief executive Simon Fox remains in his role, with the rest of the leadership team, and promises “a seamless transition”. Fox told the Financial Times that “with the support of new ownership, we’re well placed to accelerate our creativity, collaboration and growth.”
Emanuel’s purchase comes as the art market endures a multiyear slump, even before the uncertainty prompted by Donald Trump’s tariffs. In 2024, global sales fell 12 per cent to $57.5bn, their lowest level for eight years, excluding 2020, when the Covid-19 pandemic and lockdown hit sales, according to the latest Art Basel / UBS Art Market Report. MCH Group, which owns Frieze rival Art Basel, made a slim net profit in 2024 after years of losses.
Additional reporting by James Fontanella-Khan and Antoine Gara in New York