Leon Black, chief executive of private equity firm Apollo Global Management LLC (APO.N) and a prominent art collector, is buying premiere art book publisher Phaidon Press Ltd for an undisclosed sum, according to a Wall Street Journal report on Monday.
Black, who sits on the boards of the Museum of Modern Art and the Metropolitan Museum of Art in New York, said in a statement quoted by the newspaper that he would support Phaidon's growth through "the ongoing development of its publishing program, further geographic expansion, and the launch of digital products."
A spokesman for Apollo did not immediately respond to an email requesting comment.
Phaidon, based in London, also publishes books on topics such as architecture and photography as well as children's books. It was bought in 1990 by British businessman Richard Schlagman, who put it up for sale this summer, according to media reports.
(Reporting by Phil Wahba in New York)