Ari Emanuel has successfully finalized the acquisition of Frieze through his newly established company Mari, securing $2 billion in equity funding for the landmark deal. The acquisition encompasses Frieze's extensive portfolio, including its renowned art publication, seven major art fairs operating worldwide, and two dedicated exhibition spaces. The purchase also extends beyond the art world to include several prestigious tennis tournaments such as the Miami Open and Madrid Open, plus a controlling stake in Barrett-Jackson, the famous collector car auction house.
The timing of this announcement comes just one week before Frieze London and Frieze Masters are scheduled to open in the British capital, occurring during a period of significant uncertainty in the global art market. Emanuel emphasized the strategic vision behind the acquisition, stating that "live events and experiences have never been more powerful." He explained that as people increasingly prioritize experiences over material possessions, and as hybrid work arrangements and artificial intelligence provide more leisure time, sectors like sports, art, lifestyle, and entertainment are becoming increasingly vital to consumers.
The sale represents the final chapter of Frieze's ownership under Endeavor Group Holdings, where Emanuel previously served as chief executive officer until the company was taken private by Silver Lake Management earlier this year. The transaction was initially announced in May, with the deal originally scheduled to close at the end of the third quarter before experiencing slight delays. While official terms remain undisclosed, industry reports suggest Frieze was valued at approximately $200 million, with Goldman Sachs and LionTree Advisors serving as financial advisers for Mari.
According to Bloomberg reports, Emanuel, who currently holds the position of executive chairman at WME (Endeavor's successor company), successfully raised the substantial $2 billion equity fund to support Mari's operations and future growth. The investor lineup reads like a who's who of major financial and business leaders, including Apollo, RedBird Capital Partners, and the Qatar Investment Authority. Notable individual investors include Dr. Patrick Soon-Shiong, owner of the Los Angeles Times, and Eric Schmidt, former Google CEO who notably endowed a $100,000 environment and art prize at the Museum of Contemporary Art in Los Angeles.
Mari has outlined a comprehensive organizational structure for the newly formed company, with Emanuel leading alongside Mark Shapiro, who serves as president of both WME and its parent company, TKO Holdings. The company name "Mari" cleverly combines the first letters of Mark and Ariel's names, symbolizing their partnership. Shapiro brings significant value as both a principal investor in Mari and a board member, while two former Endeavor vice presidents will assume key roles: Matt Cohn as managing partner and Ben Enowitz as chief financial officer.
In terms of operational continuity, Mari has committed to maintaining current leadership across all acquired events and properties. For the Frieze division, this means Simon Fox will continue in his role as CEO, ensuring stability during the transition period. However, one notable exception is Expo Chicago, which Frieze acquired in 2023 and currently operates without a director, presenting an immediate organizational challenge for the new ownership.
Apollo partner Rob Givone expressed enthusiasm about the partnership, stating, "We are excited to be a key partner to Ariel Emanuel, Mark Shapiro, and their team as they build out a portfolio of experiential assets in the sports and live events industries—two key areas where our firm sees strong, continued growth." He further indicated that Apollo Sports Capital plans to work closely with the Mari team to unlock value across the existing asset base while exploring additional opportunities in live events and experiences, suggesting ambitious expansion plans ahead.
