Endeavor, the parent company of Frieze—which owns a talent agency along with various sports and entertainment businesses—is preparing to go private. The company is reviewing the sale of its event assets, which include the art fairs and Frieze magazine.
The Frieze-related announcement follows Silver Lake’s decision to take Endeavor private after three years on the New York Stock Exchange, with the equity value of the deal at $13 billion. Silver Lake agreed to pay $27.50 per share, a 55% premium over Endeavor’s share value in October 2023, and previously held around 71% of Endeavor’s voting rights.
All assets under the Frieze umbrella, including art fairs scheduled for 2025, are being evaluated for sale as part of Endeavor’s strategic shift to focus more on its talent representation business. Additionally, TKO Group Holdings, majority-owned by Endeavor, has acquired Professional Bull Riders (PBR), IMG, and On Location from Endeavor in an all-equity transaction valued at $3.25 billion. This follows the 2023 merger of Endeavor’s Ultimate Fighting Championship with World Wrestling Entertainment, with both now under TKO’s ownership.
Endeavor acquired a stake in Frieze in 2016, encompassing the London-based art magazine and several art fairs. At the time, Frieze operated three fairs: Frieze London, Frieze Masters, and Frieze New York. Since then, Endeavor has expanded Frieze’s presence, launching annual fairs in Los Angeles and Seoul in 2019 and 2022, respectively. In 2021, Frieze also opened No.9 Cork Street, a permanent exhibition space in London’s Mayfair district. Last summer, Frieze acquired two U.S. fairs—Expo Chicago and the Armory Show, its main competitor in New York.
Endeavor, Frieze’s majority owner since 2016, took the company public on the New York Stock Exchange in 2021. Originally, founders Matthew Slotover and Amanda Sharp retained a 30% stake, but Frieze is now fully owned by Endeavor. Although the exact purchase price is unclear, a 2019 SEC filing indicated that Endeavor acquired Frieze and St. Louis marketing firm Fusion for a combined $89.3 million. In 2023, Silver Lake valued Endeavor’s equity at $13 billion, having been its majority shareholder since 2012.
Mark Shapiro, Endeavor’s president and COO, expressed pride in Frieze’s growth and highlighted record attendance and sponsorships across Endeavor’s art and sports portfolio. There is currently no definitive timeline or guaranteed outcome for the review process.
