Endeavor (parent co. of Hollywood agency WME) Quietly Returns Saudi Arabia's $400 Million Investment [View all]
More than five months after the murder of dissident journalist Jamal Khashoggi inside the Saudi consulate in Istanbul, the fallout is not over for Saudi Arabia, as major corporations and arts institutions continue to distance themselves from the nation or cut ties altogether.
Now, the talent agency Endeavor, the parent company of WME, which is the majority stakeholder of the international Frieze Art Fair, has returned a $400 million from the Saudi state that was intended to power the company’s growth and diversify Saudia Arabia’s cultural economy.
Endeavor, which is led by chief executive Ari Emanuel, spent the past several weeks arranging the return of the money, “effectively severing Endeavor’s relationship with Saudi leaders,” according to the New York Times, which cites two sources close to the transaction. Neither the Saudi Arabian Public Investment Fund, which made the investment, nor Emmanuel have made public comments on the matter. Representatives from the Frieze Art Fair declined to comment.
Endeavor’s move stands in sharp contrast to the cordial relationship it established with Saudia Arabia last spring, when Emanuel helped throw a lavish Hollywood party for Crown Prince Mohammed bin Salman. The event included guests such as Disney chief executive Robert Iger and Amazon founder Jeff Bezos, and took place as the Saudi government’s investment fund was finalizing an agreement to make the investment in Endeavor, according to the Times.
more at link
https://news.artnet.com/art-world/endeavor-frieze-saudi-1483939?fbclid=IwAR3SEP1OSXuuBkpO-ptz6LnP5d5klvxLuxjPj_qJR8NtBQoJ8Nb1rxVj7CY
WME and Ari Emanuel did the right thing.
That's not the usual way for agents in this town.
I know, I used to be one.
My only problem with it is they shouldn't be quiet about it.
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