Frieze’s parent company, the Beverly Hills-based entertainment and sports conglomerate Endeavor, may sell the art fair and media brand, it announced today (24 October). This potential sale is part of a review by Endeavor into its event assets, after a deal was struck in April with the Bay Area investment firm Silver Lake to take the company private, expected to close early next year. Alongside Frieze, Endeavor is also reviewing its ownership of the Miami Open and Madrid Open tennis tournaments.
In a letter sent to Frieze exhibitors and other interested parties, obtained by The Art Newspaper, Frieze’s chief executive Simon Fox wrote: “The process of taking the company private includes steps related to the possible sale of some of Endeavor’s business. Consequently, over the next few months, Endeavor will be leading a process that may result in an ownership change for us.”
Endeavor has been the majority owner of Frieze since 2016 and went public on the New York Stock Exchange in 2021. Previously, Frieze’s founders Matthew Slotover and Amanda Sharp had retained a 30% stake, but now the company is fully owned by Endeavor, according to a Frieze spokesperson.
While it is not known what sum Frieze was purchased for, documents released by the US Securities and Exchange Commission in 2019, when Endeavor unsuccessfully floated an initial public offering (IPO), reveal that it purchased both Frieze and the St Louis marketing firm Fusion for a combined $89.3m. Endeavor’s equity was valued this year at $13bn by Silver Lake, which has been its majority shareholder since 2012.
Under Endeavor’s ownership, Frieze has launched two fairs, in Los Angeles, in 2019, and in Seoul in 2021. Meanwhile, its original art fair, Frieze London, recently held its 21st edition alongside the 12th edition of Frieze Masters. And Frieze New York held its 12th edition last May. Last year, Frieze also acquired two other fairs, Expo Chicago and The Armory Show in New York. The Art Newspaper understands that Endeavor’s potential sale would include all art fairs in the Frieze brand, as well as its tentpole contemporary art publication, frieze magazine and its London gallery space No.9 Cork Street.
“No definitive timetable has been set for completion of this review process, and there is no assurance that the review will result in any specific action,” Endeavor’s announcement states.
“As part of Endeavor, Frieze and the Miami and Madrid Open tournaments have each grown significantly, from Frieze launching successful fairs in Los Angeles and Seoul to the Miami and Madrid Opens setting year-over-year attendance and sponsorship records. We are proud of this progress and confident that these unique assets are well-positioned for success in the future,” said Mark Shapiro, president and chief operating officer of Endeavor in a statement.
The company said it has retained the New York-based bank the Raine Group to support it in the exploration of these potential sales.
