Ari Emanuel’s Mari to Acquire ATG in $6 Billion Theater Deal

Ari Emanuel’s events and experiences company Mari has agreed to acquire ATG Entertainment, one of the world’s largest theater owners, in a transaction that brings 7 Broadway and 10 West End venues under a single corporate umbrella.

The deal, estimated at $6 billion, is subject to regulatory approval.

ATG owns, operates or programs 70 venues across the U.K., the U.S., Germany, Austria and Spain, hosting more than 16,000 performances and 18 million theatergoers annually, according to Mari.

Its portfolio includes Broadway’s Lyric Theatre, the current home of “Harry Potter and the Cursed Child,” and West End landmarks like the Lyceum, home to “The Lion King,” and the Savoy Theatre, where “Paddington the Musical” runs.

Mari is acquiring ATG from private equity firm Providence Equity Partners, which paid roughly $500 million for a majority stake in 2013.

Financial terms of the new agreement were not disclosed, but the transaction has been pegged at $6 billion.

Mari’s Rapid Expansion in Live Entertainment

Mari launched in 2025 and has moved quickly to assemble a portfolio of live entertainment assets.

In October 2025, the company acquired TodayTix Group, a Broadway and West End ticketing platform, for an undisclosed price.

Its existing properties include the Miami Open and Madrid Open tennis tournaments, contemporary art organization Frieze, car auction company Barrett-Jackson, and London’s Hyde Park Winter Wonderland.

“I’ve seen the industry reinvent itself many times, but live has only grown more powerful,” Emanuel said in a statement.

“Nothing connects great talent with audiences more directly. ATG has built one of the world’s great theater businesses around that experience. This is a long-term bet on where live goes next.”

Broadway Ownership Shifts to New Players

Broadway theater ownership rarely changes hands.

The Shubert Organization controls 17 of Broadway’s 41 theaters, with the Nederlander Organization holding nine.

ATG became the third-largest owner with seven theaters after acquiring a majority stake in Jujamcyn Theaters in 2023, the last major consolidation in the space.

The new deal concentrates further ownership in fewer hands, with Emanuel’s company emerging as a counterweight to the industry’s two legacy landlords.

Mari said it plans to invest in preserving and modernizing ATG’s theaters and broadening access to live theater.

“Mari’s creative energy will be a strong component,” said Mark Shapiro, a principal investor and Mari board member.

After closing, ATG will continue to operate under its existing leadership and retain its commitment to creative independence.

ATG’s global CEO, Melanie Smith, framed the deal as a continuation rather than a disruption.

“MARI understands live entertainment and what matters most to ATG: our theaters, the people behind them and the relationships we have built with producers, artists and audiences,” she said.

“That makes MARI the right home for our next chapter.”

West End and Broadway producer Sonia Friedman, a producing partner of ATG whose credits include “Paddington” and “Harry Potter and the Cursed Child,” welcomed the acquisition, saying the investment should help ensure the sustainability of the industry and bring in new artists.

Sources

• Latimes