Endeavor to Sell Frieze to Ari Emanuel-Led Events and Experiences Company

Endeavor Group Holdings has entered into an agreement to sell Frieze to a new global events and experiences company founded by Ari Emanuel and backed by a consortium of leading global investors.

The contemporary art exhibition producer will become a foundational part of Emanuel’s new company, inclusive of its international art fairs and editorial and digital platforms. Financial terms of the deal were not disclosed.

“Frieze has always been a source of inspiration for me—both professionally and personally,” Emanuel said in a statement. “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.”

Frieze CEO Simon Fox and his leadership team will continue to oversee the business and work closely with Emanuel, ensuring a seamless transition and continued momentum.

Latham & Watkins LLP acted as legal advisor and The Raine Group and BDT & MSD Partners acted as financial advisors to Endeavor Group Holdings, Inc. Akin Gump Strauss Hauer & Feld LLP acted as legal advisor and Goldman Sachs & Co. LLC and LionTree Advisors LLC acted as financial advisors to the buyer.

The deal comes after Silver Lake closed its $25 billion deal to take Endeavor private in March. Endeavor first started exploring a potential sale of some of its events, including Frieze, the Miami Open and Madrid Open tennis tournaments, back in October.

In addition to Frieze, Endeavor’s On Location, Professional Bull Riders and IMG were acquired by TKO Group Holdings in a $3.25 billion all-equity deal. The acquisition of IMG does not include businesses associated with the IMG brand in licensing, models and tennis representation, nor IMG’s full events portfolio. 

OpenBet and IMG Arena were acquired in a $450 million management buyout backed by Emanuel with participation from executives of OpenBet. IMG Arena’s sports betting rights portfolio has since been acquired by SportRadar in a deal that paid the latter $225 million, including $125 million paid directly to the company and up to $100 million in cash payments by Endeavor to certain sports rights holders.

Additionally, former Endeavor executive chairman Patrick Whitesell bought WME Sport’s football division, which is being run under his new media company backed by a $250 million investment from Silver Lake. Emanuel, Mark Shapiro and Bill Duffy will also acquire WME Basketball from WME Sports and form a new venture.

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