Ariel Emanuel in talks to buy West End and Broadway giant ATG for $6bn
People familiar with the situation hope deal can be concluded soon with theatre group’s private equity owner Providence
American media mogul Ariel Emanuel is in advanced talks to buy theatre group ATG Entertainment for £4.5bn ($6bn).
ATG has been owned by private equity firm Providence since a £350mn deal in 2013 and after a series of acquisitions now owns about 70 venues across the UK, US and Europe. Blackstone bought a minority stake in the business in 2024.
US-based Providence is now in exclusive talks to sell to Emanuel’s Mari Group amid hopes a deal can be concluded within the next month, four people close to the situation said. The timing could still slip and a deal is not confirmed, one of the people stressed.
The theatre group owns London West End venues including the Lyceum, which stages The Lion King, and the Savoy Theatre, which is currently staging the award-winning production of Paddington the Musical. In the US it owns Broadway theatres including the Lyric, which shows Harry Potter and the Cursed Child. It also owns theatres across the UK including Liverpool’s Empire Theatre.
The theatre group last year explored a takeover of TodayTix, which helped facilitate paperless tickets to venues, only to lose out to Emanuel’s new media group venture, Mari, which is now in the late-stage talks to swoop on ATG.
Mari was founded last year by Emanuel, who is also executive chair of talent agency WME Group and represents some of the biggest names in entertainment including Oprah Winfrey and Martin Scorsese.
Mari was launched with $2bn of equity and its investors include Apollo, Redbird Capital and Qatar Investment Authority. The business has already invested in the Frieze art festival and London’s Winter Wonderland theme park as well as sports events including the Miami Open tennis tournament.
ATG was founded by husband and wife team Sir Howard Panter and Dame Rosemary Squire in 1992 as the Ambassador Theatre Group. The business has bounced back from theatre closures and restrictions during the Covid pandemic to record an operating profit of £160.9mn in the year to the end of March 2025.
Providence had considered an exit of ATG in 2020, only for the pandemic to disrupt the theatre group’s operations.
Mari and Providence declined to comment. ATG did not respond to an immediate request for comment.