U.S. media executive Ariel Emanuel is in advanced, exclusive negotiations to acquire theatre operator ATG Entertainment for £4.5bn ($6bn), according to people familiar with the discussions. The potential buyer is Emanuel’s newly formed Mari Group, and the seller is Providence, the private equity firm that has owned ATG since a 2013 purchase.
Sources say Providence entered an exclusive period with Mari as the parties seek to finalise terms, and there is a hope the transaction could be completed within the next month. Those same sources cautioned that the timetable is not guaranteed and the deal could still slip; one person directly involved in the talks stressed that a sale has not been confirmed.
ATG, originally launched as the Ambassador Theatre Group in 1992 by Sir Howard Panter and Dame Rosemary Squire, has grown through a series of acquisitions and now controls roughly 70 venues spanning the UK, the United States and continental Europe. Its portfolio includes London West End properties such as the Lyceum and the Savoy Theatre, and in the U.S. it owns Broadway venues, including the Lyric. In 2024 Blackstone acquired a minority stake in ATG.
Providence first bought ATG in 2013 for £350mn. Financial results reported by the group show an operating profit of £160.9mn for the year ending March 2025.
Mari Group was established last year by Emanuel, who also serves as executive chair of talent agency WME. Emanuel’s client list includes leading figures in entertainment named by the sources, while Mari launched with $2bn of equity capital. Investors in Mari include Apollo, Redbird Capital and the Qatar Investment Authority.
The discussions bring together a major private equity owner, a high-profile media executive and a theatre operator with significant international reach. While the reported figure and the exclusivity of talks indicate serious intent on both sides, participants cited in the reports emphasise that the transaction is not yet final and timing remains fluid.
Context and next steps
If the transaction proceeds, it would mark a substantial ownership change for ATG and represent a notable expansion of Mari Group’s footprint in live entertainment. The coming weeks are likely to determine whether the exclusive talks result in a signed agreement.