MARI ATG Entertainment acquisition would add 70-venue theatre group

The MARI ATG Entertainment acquisition would place a 70-venue live-theatre operator under Ari Emanuel’s events company, subject to regulatory approvals and customary closing conditions. MARI said on August 11 it had signed a definitive agreement to buy ATG Entertainment from Providence Equity Partners; the companies will remain separate until the transaction closes.

ATG’s portfolio spans the UK, US, Germany and Spain. It includes seven Broadway theatres and 10 in London’s West End, as well as regional venues, production activities and ticketing operations. The group says it stages more than 16,000 performances a year and receives more than 18 million theatre-goers annually.

Financial terms were not disclosed. The Financial Times reported that the deal was valued at about £4.5 billion, citing two people familiar with terms that were not made public. Other reports characterised that figure as roughly $6 billion.

Which Broadway theatres are included in the MARI ATG Entertainment acquisition?

ATG’s Broadway portfolio comprises the Lyric, Hudson, August Wilson, Al Hirschfeld, St. James, Walter Kerr and Eugene O’Neill theatres, according to Playbill. The Lyric is home to Harry Potter and the Cursed Child, while ATG’s venues have also hosted productions including The Lion King and Wicked, according to MARI.

The group established its Broadway presence through the Lyric and Hudson, then added the other five houses through its 2023 acquisition of Jujamcyn Theaters, Playbill reported. The transaction therefore covers more than the 17 Broadway and West End venues highlighted in headlines: ATG has operations across a broader international theatre network, alongside producing and ticketing businesses.

What would change after the deal closes?

MARI said it plans, after completion, to preserve and modernise ATG’s theatres, improve the audience experience and support new productions. It also said ATG would retain its existing brand, leadership and commitment to creative independence. Those are stated intentions rather than completed changes, because approval and closing requirements remain outstanding.

For regional theatres, MARI said it aims to build on their role in local communities, create opportunities for local artists and broaden access to live theatre. ATG chief executive Melanie Smith said MARI understood the relationships ATG has with producers, artists and audiences, according to the company announcement.

The deal would broaden MARI’s live-events holdings, which already include Frieze, Barrett-Jackson, the Miami Open, the Mutua Madrid Open, Hyde Park Winter Wonderland, the Hampton Court Palace and Blenheim Palace Festivals, and TodayTix Group. Emanuel is MARI’s founder and principal investor.

Providence acquired ATG in 2013, Playbill reported. The Financial Times said Providence subsequently expanded the business from 40 to 70 venues through acquisitions.

This story draws on original reporting from NYT DealBook.