Frieze’s mum or dad firm, the Beverly Hills-based leisure and sports activities conglomerate Endeavor, might promote the venerable artwork truthful and media model, it introduced right now (24 October). This potential sale is a part of a evaluate by Endeavor into its occasion property, after a deal was struck in April with the Bay Space funding agency Silver Lake to take the corporate personal, anticipated to shut early subsequent 12 months. Alongside Frieze, Endeavor can be reviewing its possession of the Miami Open and Madrid Open tennis tournaments.
In a letter despatched to Frieze exhibitors and different events, obtained by The Artwork Newspaper, Frieze’s chief govt Simon Fox wrote: “The method of taking the corporate personal consists of steps associated to the attainable sale of a few of Endeavor’s enterprise. Consequently, over the following few months, Endeavor can be main a course of which will lead to an possession change for us.”
Endeavor has been the bulk proprietor of Frieze since 2016 and went public on the New York Inventory Alternate in 2021. Beforehand, Frieze’s founders Matthew Slotover and Amanda Sharp had retained a 30% stake, however now the corporate is totally owned by Endeavor, based on a Frieze spokesperson.
Whereas it’s not identified what sum Frieze was bought for, paperwork launched by the US Securities and Alternate Fee in 2019, when Endeavor unsuccessfully floated an preliminary public providing (IPO), reveal that it bought each Frieze and the St Louis advertising and marketing agency Fusion for a mixed $89.3m. Endeavor’s fairness was valued this 12 months at $13bn by Silver Lake, which has been its majority shareholder since 2012.
Beneath Endeavor’s possession, Frieze has launched two gala’s, in Los Angeles, in 2019, and in Seoul in 2021. In the meantime, its authentic artwork truthful, Frieze London, lately held its twenty first version alongside the twelfth version of Frieze Masters. And Frieze New York held its twelfth version final Might. Final 12 months, Frieze additionally acquired two different gala’s, Expo Chicago and The Armory Present in New York. The Artwork Newspaper understands that Endeavor’s potential sale would come with all artwork gala’s within the Frieze model, in addition to its tentpole modern artwork publication, frieze journal.
“No definitive timetable has been set for completion of this evaluate course of, and there’s no assurance that the evaluate will lead to any particular motion,” Endeavor’s announcement states.
“As a part of Endeavor, Frieze and the Miami and Madrid Open tournaments have every grown considerably, from Frieze launching profitable gala’s in Los Angeles and Seoul to the Miami and Madrid Opens setting year-over-year attendance and sponsorship data. We’re pleased with this progress and assured that these distinctive property are well-positioned for achievement sooner or later,” stated Mark Shapiro, president and chief working officer of Endeavor in an announcement.
The corporate stated it has retained the New York-based financial institution the Raine Group to assist it within the exploration of those potential gross sales.
