Tycoon buys firm behind Edinburgh Playhouse and Glasgow's Kings Theatre

Ari Emanuel’s events firm Mari, which runs Hyde Park Winter Wonderland, said it has entered into a “definitive agreement” to buy ATG Entertainment from private equity firm Providence

An American media tycoon has struck a deal to buy theatre owner ATG which runs Edinburgh Playhouse.

Ari Emanuel’s events firm Mari, which runs Hyde Park Winter Wonderland, said it has entered into a “definitive agreement” to buy ATG Entertainment from private equity firm Providence.

The companies did not disclose the value of the deal, but the Financial Times previously reported that the move could value ATG at about £4.5 billion.

ATG runs about 70 theatres globally, predominantly in the UK and US also including the King’s Theatre and the Theatre Royal in Glasgow.

The company, which has been owned by Providence since 2013, also runs 10 venues in London’s West End, including the Lyceum, home to The Lion King, and the Savoy Theatre, which is staging Paddington The Musical.

Its regional theatres also include Liverpool Empire and Manchester Opera House.

Mari, which is backed by Apollo Global Management and RedBird Capital Partners, snapped up Secret Cinema’s parent company TodayTix last year.

Mari also runs a raft of UK events including Hyde Park Winter Wonderland, Big Feastival and Hampton Court Palace Festival.

Bosses said that ATG will continue to operate under its existing brand and leadership.

Mr Emanuel, founder and principal investor of Mari, said he is committed to live entertainment adding “nothing connects great talent with audiences more directly”

He said: “I’ve spent my whole career in entertainment, and I started out in theatre.

“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 theatre businesses around that experience.

“This is a long-term bet on where live goes next.”

ATG said it “looks forward to a new era” as the new owners were welcomed.

Melanie Smith, global chief executive of ATG Entertainment, said: “Mari understands live entertainment and what matters most to ATG: our theatres, the people behind them and the relationships we have built with producers, artists and audiences.

“That makes Mari the right home for our next chapter.

“We look forward to this new era and thank Providence for their unwavering support over the past thirteen years.”

ATG employs more than 11,000 people and say their portfolio includes “historic theatres, studio theatres, cinemas, conference spaces and modern live music arenas”.

The Edinburgh Playhouse is the UK’s largest all seated theatre with a capacity of 3,039 and is home to an original proscenium arch.

The King’s Theatre, a landmark on Glasgow’s Bath Street since 1904, is said to be one of Scotland’s most historic and significant venues.

With a capacity of 1,785, has been heralded as one of Frank Matcham’s most brilliant theatre designs.

The Theatre Royal, opened in the city in 1867, went through two fires before the turn of the century. The building, on Hope Street, underwent a major £14.5 million redevelopment completed in December 2014. The project added a curved glass foyer extension.

It is the home of Scottish Opera and Scottish Ballet.