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Ari Emanuel 's Mari has signed a deal to acquire Broadway and West End theater giant ATG Entertainment.
The financial terms of the agreement, which sees Mari acquiring the theater owner from private equity firm Providence Equity were not disclosed, but the deal size has been pegged at $6 billion.
This gives the live events company a larger foothold in the theater space, after it acquired ticketing company TodayTix in October 2025 shortly after Mari itself was launched. The transaction is still subject to regulatory approvals. But once closed, the plan is for ATG to continue under its existing brand and leadership and "retain its commitment to creative independence," according to the release.
The acquisition marks a major shakeup of the Broadway landscape, which rarely sees theaters change hands, as the historic Shubert Organization owns the majority of Broadway theaters, with 17 of the 41 total, and the long-standing Nederlander Organization owns nine. ATG is the third largest theater owner, with seven theaters, after it acquired a majority stake in Jujamcyn Theaters in 2023 (the last major big theater deal). Reports of a possible ATG deal surfaced in June. In addition to Broadway, where ATG also owns the Lyric Theatre, home to Harry Potter and the Cursed Child, the theater group has 10 theaters in the West End, including the Lyceum, home to long-running hit The Lion King and the Savoy Theatre, home to box office hit Paddington the Musical. In total, the company owns, operates or programs 70 venues across Britain, the U.S., Germany, Austria and Spain.
The current Mari portfolio includes the tennis events, the Miami Open and Madrid Open, Frieze art fairs and car auction company Barrett Jackson. Emanuel is also CEO of TKO, home to the WWE and UFC, and executive chairman of WME Group.
"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," Emanuel said.
Providence Equity partners acquired a majority stake in ATG for about $500 million in 2013, from Exponent Private Equity.
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. Our industry has always needed partners prepared to think long term, invest with confidence and support creativity with real ambition. 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," Friedman said in the release.
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