Ari Emanuel's Mari Buys Theater Giant ATG for $6 Billion

Ari Emanuel's live events company Mari agreed to acquire ATG Entertainment, the Broadway and West End theater operator, in a deal valued at about $6 billion that reshapes ownership of New York's most storied stages.

"I've spent my whole career in entertainment, and I started out in theater. I've seen the industry reinvent itself many times, but live has only grown more powerful. Nothing connects great talent with audiences more directly," Emanuel, CEO of TKO and executive chairman of WME Group, said. "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."

The transaction, which sees Mari buy ATG from private equity firm Providence Equity Partners, is still subject to regulatory approvals. Financial terms were not disclosed, but the deal size has been pegged at $6 billion. Once closed, ATG will continue under its existing brand and leadership and "retain its commitment to creative independence," according to the release.

The acquisition gives Mari control of seven of Broadway's 41 theaters and 10 in London's West End, making it the third-largest Broadway owner behind the Shubert Organization's 17 and the Nederlander Organization's nine. It marks the biggest shakeup of Broadway ownership since ATG acquired a majority stake in Jujamcyn Theaters in 2023, the last major theater deal.

A Portfolio Built on Live Events

The deal extends Mari's push into live entertainment after it acquired ticketing company TodayTix in October 2025, shortly after Mari itself was launched. The current Mari portfolio includes the Miami Open and Madrid Open tennis tournaments, Frieze art fairs and car auction company Barrett Jackson. Emanuel also runs TKO, home to the WWE and UFC, and serves as executive chairman of WME Group.

ATG's venues anchor some of the world's longest-running productions. On Broadway, the company owns the Lyric Theatre, home to Harry Potter and the Cursed Child for eight years. In the West End, its 10 theaters include the Lyceum, home to The Lion King, and the Savoy Theatre, home to box office hit Paddington the Musical. In total, ATG owns, operates or programs 70 venues across Britain, the U.S., Germany, Austria and Spain.

Creative Independence at the Center

Sonia Friedman, a prominent West End and Broadway producer behind shows such as Paddington and Harry Potter and the Cursed Child and a producing partner of ATG Entertainment, praised the deal, saying the investment should help ensure the sustainability of the industry and bring in new artists.

"As a producer, I have always believed in the power of live theatre to bring people together, challenge perspectives and create unforgettable shared experiences," Friedman said. "What I find compelling about MARI is its breadth of experience across live events and its respect for creative independence. That combination gives us the chance to champion bold new work, reach broader and more diverse audiences and strengthen the future of live theatre for generations to come."

Providence Equity Partners acquired a majority stake in ATG for about $500 million in 2013 from Exponent Private Equity, a roughly twelvefold increase in the value of its holding if the $6 billion price holds. The deal reflects continued consolidation in live entertainment, where investors are betting that in-person experiences will outlast streaming's growth.

This article is for informational purposes only and does not constitute investment advice.