American media mogul Ari Emanuel is in advanced talks to acquire theatre group ATG Entertainment in a deal valued at £4.5bn ($6bn). Private equity firm Providence has owned ATG since 2013 and expanded the business to roughly 70 venues across the UK, US and Europe. Blackstone took a minority stake in 2024. Mari Group, Emanuel's investment vehicle launched last year with $2bn of equity, is now in exclusive negotiations with hopes to close within weeks.

ATG controls major West End properties including the Lyceum, home to The Lion King, and the Savoy Theatre currently staging Paddington the Musical. The company also owns Broadway's Lyric Theatre, which presents Harry Potter and the Cursed Child, plus Liverpool's Empire Theatre. This portfolio gives Emanuel significant influence across premier live entertainment markets globally.

The acquisition follows ATG's recovery from pandemic-era closures, with the company posting £160.9mn in operating profit in the year to March 2025. Emanuel previously lost out to his own Mari venture on a takeover of Today Tix, the ticketing platform. Mari has already invested in Frieze art fair, London's Winter Wonderland, and the Miami Open tennis tournament.

Providence had considered exiting ATG in 2020 before pandemic disruptions delayed plans. The deal would mark a major consolidation play in live entertainment, bringing together Emanuel's talent relationships with physical theatre assets. All parties declined to comment on the negotiations.