Providence Equity Partners has agreed to sell ATG Entertainment, a major operator of West End and Broadway venues, to MARI, a live events company founded by Ari Emanuel, in a deal valued at approximately $6bn (£4.5bn).

The acquisition marks one of the largest transactions in the live entertainment sector, where marquee venues rarely change hands. ATG owns, operates, or programmes around 70 venues across the UK, US, Germany, and Spain, including seven on Broadway and ten in London’s West End. Its stages host over 16,000 performances annually for more than 18 million theatre-goers, featuring long-running hits such as "The Lion King," "Wicked," and "Harry Potter and the Cursed Child."

Providence first acquired a majority stake in ATG in 2013 for a reported $500m from Exponent Private Equity, supporting its international expansion and growth over the years. Andrew Tisdale, vice chairman at Providence, said the firm was proud to have partnered with ATG for thirteen years and believes the company is well-positioned for its next chapter.

MARI, launched in 2025 with roughly $2bn in backing from Apollo, Red Bird Capital, and Qatar Investment Authority, has rapidly built a diverse portfolio including Frieze, Barrett-Jackson, and the Miami Open. The ATG acquisition represents its largest purchase and its entry into theatre, with plans to invest in venue upkeep and modernisation while retaining ATG’s existing brand and leadership.