Hollywood mogul Ari Emanuel is singing a brand new tune on Broadway.
The chief of expertise company WME Group and sports activities/leisure agency TKO Group Holdings bought ATG Leisure in a deal valued at an estimated $6 billion, Bisnow reported. Emanuel made the deal by way of Mari, a stay occasions firm he launched final yr.
Mari is buying ATG from Windfall Fairness Companions, which has owned the leisure firm for greater than a decade. The monetary phrases weren’t disclosed in a press launch concerning the deal, although the Financial Times beforehand reported on the estimated valuation of such a transaction.
“Nothing connects nice expertise with audiences extra straight,” Emanuel stated in an announcement. “ATG has constructed one of many world’s nice theater companies round that have. This can be a long-term wager on the place stay goes subsequent.”
The deal will give Emanuel management of seven of Broadway’s 41 theaters, together with the Lyric Theatre, Eugene O’Neill Theatre and Walter Kerr Theatre, that are internet hosting Harry Potter and the Cursed Baby, The Ebook of Mormon and Hadestown, respectively.
ATG additionally has 10 theaters in London’s West Finish district. Its whole portfolio spans greater than 70 properties, together with in Spain and Germany. It is going to proceed to function beneath its present model and the management crew for ATG is predicted to stay in place. Blackstone bought a minority stake in ATG two years in the past.
Emanuel beforehand dabbled in Broadway dealmaking with final yr’s acquisition of TodayTix, a ticketing app that accounts for at the very least 15 % of gross sales on Broadway and within the West Finish.
The ATG sale is without doubt one of the largest in current Broadway reminiscence.
Three years in the past, Jujamcyn Theaters — led by Vornado Realty Belief CEO Steven Roth’s son, Jordan — bought a 93 % stake in 5 Broadway theaters in a deal that valued the portfolio at $308 million. The client was ATG and Windfall Fairness Companions and the portfolio included the St. James Theatre, the Al Hirschfeld Theatre, the August Wilson Theatre, the Eugene O’Neill Theatre and the Walter Kerr Theatre.
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