Hollywood power agent Ari Emanuel purchased the Frieze Global Art Fair and Publishing Group from the entertainment group he co-founded, worth $200 million.
The deal is likely to end in the third quarter of this year, according to a statement from Thursday's efforts. Although the terms of the acquisition have not been disclosed, those who know the deal directly said it would value Frieze at nearly $200 million, which puts it beyond expectations.
This is the first purchase of Emanuel's global activity company, backed by investors including investment firms Apollo Global Management and Redbird Capital Partners.
“Friez has always been my inspiration – both professionally and personally,” Emanuel said, adding that the equity group “represents the strategic cornerstone in our new global platform of activity.”
The consortium is also reportedly buying hard-working tennis assets, including the Miami and Madrid Opens.
Efforts - The U.S.-based entertainment group, which acquired for $25 billion earlier this year for private equity firm Silver Lake - bought 70% of Frieze's shares in 2016 under Emanuel's leadership, and then acquired full ownership in 2023. Last year, it said it was exploring the sale of Frieze.
After taking over, Emanuel took on the role of CEO of Endeavor, who is the executive chairman of WME Group, WME Group, the Hollywood talent agency of Endeavor.
Frieze was founded in 1991 in the magazine of Contemporary Art and held its first fair in London in 2003. The organization now hosts seven events worldwide, including four in Seoul and the United States, as well as a gallery center in London. Next week, Frieze New York opens the 13th edition.
Frieze CEO Simon Fox holds roles with other members of the other leadership team and promises a “seamless transition.” "It's easy for us to accelerate our creativity, collaboration and growth with the support of new ownership," Fox told the Financial Times.
Emanuel's purchase comes as the art market experienced years of downturn, even before the uncertainty arising from Donald Trump's tariffs. According to the latest Art Basel Arts Market Report, global sales fell 12% to $57.5 billion in 2024, their lowest level in eight years, excluding 2020, when the Covid-19-19 pandemic and lock-in sales. MCH Group, which owns Frieze Rival Art Basel, has made a net profit in 2024 after years of losses.
Other reports from James Fontanella-Khan and Antoine Gara in New York