Mari, the events company founded last year by Ari Emanuel, has agreed a deal to acquire West End and Broadway theater giant ATG Entertainment.
Mari’s agreement with Providence Equity Partners is subject to regulatory approval. Financial terms were not disclosed, though the Financial Times previously reported that the deal valued ATG at £4.5B ($6B).
UK-based ATG owns 70 venues, including historic theaters in London and New York. Among its portfolio is the West End’s Savoy, home to Paddington the Musical, and Broadway’s the Lyric, which hosts Harry Potter and the Cursed Child.
Mari said it plans to become a “long-term custodian” of the venues, investing in their preservation and modernization alongside an improved audience experience. The company added that this commitment extends to ATG’s regional network.
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Emanuel said: “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. 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.”
ATG’s revenue rose nearly 5% to £924M in the year to the end of March 2025, according to its most recently filed accounts on the UK’s Companies House. Its adjusted EBITDA increased 15.7% to £208M.
Melanie Smith, global CEO of ATG Entertainment, said: “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. That makes MARI the right home for our next chapter. We look forward to this new era and thank Providence for their unwavering support over the past thirteen years.”
Sonia Friedman, founder of ATG producing partner Sonia Friedman Productions, added: “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.”
Emanuel launched Mari in 2025 as a new holding company for the Frieze art organization, global tennis tournaments and other assets once housed by Endeavor. Several notable investors backed the venture to the tune of $2B, including Apollo and RedBird Capital Partners.
Mari was advised by the Raine Group and Moelis & Company on financials, Akin Gump Strauss Hauer & Feld LLP on legal, and EY on tax matters. LionTree served as lead financial advisor and Kirkland & Ellis LLP served as legal counsel to ATG and Providence. Goldman Sachs, Jefferies and Barron International Group also served as financial advisors to ATG and Providence.
