Ariel Emanuel, via his newly formed company now called Mari, has finalized the acquisition of Frieze, the company that includes its namesake publication, seven art fairs around the world, and two exhibition spaces.
The purchase also includes several tennis events such as the Miami Open and Madrid Open, as well as a majority stake in Barrett-Jackson, a collector car auction house.
The news comes a week before Frieze London and Frieze Masters open in the British capital and during an uncertain art market.
“Live events and experiences have never been more powerful,” Emanuel said in a statement. “As people increasingly value experiences over things—and as hybrid work and AI give us more time to enjoy them—sports, art, lifestyle, and entertainment are becoming even more essential. At MARI, we’re building on the global impact of Frieze and the success of the Madrid and Miami Opens to create new ways for audiences to come together and share their passions.”
The sale of Frieze by its previous owner, Endeavor Group Holdings, where Emanuel was chief executive until it was taken private by Silver Lake Management earlier this year, was first announced this past May. Terms of the sale have not been officially disclosed, but the company was reportedly valued at $200 million; Goldman Sachs & Co. and LionTree Advisors LLC served as financial advisers for Mari. (Finalization of the acquisition has been slightly delayed, as it was originally supposed to close at the end of the third quarter.)
According to Bloomberg, Emanuel, who is now executive chairman of WME (Endeavor’s successor company), raised $2 billion in equity to back Mari. In its release, Mari listed the 20-some investors who are backing the newly formed company. Among them are Apollo, RedBird Capital Partners, and the Qatar Investment Authority, as well as doctor and Los Angeles Times owner Patrick Soon Shiong and Eric Schmidt, a former CEO of Google who endowed a $100,000 environment and art prize at the Museum of Contemporary Art in Los Angeles.
As part of the news, Mari also announced several aspects of the new company’s organizational structure. Emanuel will lead the company alongside Mark Shapiro, who is president of WME and its parent company, TKO Holdings; Shapiro is a principal investor in Mari and will serve on the company’s board. (The name of the company comes from combining the first letters of Mark and Ariel.)
Two former Endeavor vice presidents will also join: Matt Cohn as managing partner and Ben Enowitz as CFO. In its release, the company said that all the events will continue with their current leadership; on the Frieze side, that means Simon Fox will remain as CEO. (The Expo Chicago fair, which Frieze acquired in 2023, is currently without a director.)
In a statement, Apollo partner Rob Givone said, “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. Apollo Sports Capital will work closely with the MARI team to help unlock value across the existing asset base, as well as explore additional opportunities in live events and experiences.”
