Providence Equity Partners has entered exclusive talks to sell its theatre portfolio ATG Entertainment to Ari Emanuel’s Mari Group for about $6bn. The Financial Times says the deal, valued at roughly £4.5bn, could close within a month, though timing remains tentative. A sale would end Providence’s decade‑long hold that began with a 2020 exit plan derailed by the pandemic.

ATG has rebounded strongly, posting an operating profit of £160.9m ($212m) for the year to March 2025, putting the implied multiple at close to 28 times earnings. The theatre group runs flagship West End and Broadway venues plus regional UK sites, founded in 1992 by Sir Howard Panter and Dame Rosemary Squire. Recent interest from Mari followed its loss of a bid for ticketing platform Today Tix.

Mari Group, launched last year with $2bn of equity, counts Apollo, Red Bird Capital and Qatar Investment Authority among its backers. Its recent forays into live entertainment – from the Frieze art fair to London’s Winter Wonderland – signal a strategy to consolidate premium cultural assets. If the transaction closes, investors will see Providence cash out at a premium while Mari expands its entertainment footprint.