Exclusive-British theatre group ATG Entertainment readied for sale, sources say

By Amy-Jo Crowley and ‌Milana Vinn

LONDON/NEW YORK, ​May ​20 (Reuters) - British West End theatre operator ATG Entertainment is in the early stages of being prepared for a possible sale by ‌its private equity owner, four people familiar with the matter ⁠said.

A decision to go ahead with a sale of ATG Entertainment, previously known as Ambassador ‌Theatre Group, would mark a ‌revival for an industry that was hurt badly by lockdowns during the pandemic.

Providence Equity Partners has held talks with advisers in recent weeks ​about a sale of its controlling stake in London’s largest theatre operator, which hosts popular musicals including The Book of Mormon, Wicked and ⁠The Lion King, three of the people said.

A sale could value the business at more than 4 ​billion pounds ($5.38 billion), based on its most recent earnings and the valuations of sector peers such as Live Nation, ​a fourth person said.

An auction could start ‌in the second half of the year, two of the people said, speaking on condition of anonymity because the ⁠talks are private. A final decision has not yet been made, the people said.

Providence declined to comment. ATG Entertainment did not immediately respond to requests for comment.

Providence ⁠took control of ATG Entertainment in 2013 for 350 million pounds, according to press reports ​at the time. Blackstone bought a minority stake in the business in 2024, according to a Sky News report at that time. Blackstone declined to comment.

ATG Entertainment owns ‌and operates more than 70 venues across the UK, the United States, Germany and Spain, entertaining more than 18 ‌million audience members per year, according to Companies House filings. In the U.S. ⁠it runs Broadway houses including ‌the Lyric, the Hudson ​and Al Hirschfeld.

($1 = 0.7437 pounds)

(Reporting by Amy-Jo Crowley in London and Milana Vinn in New York. Editing by Anousha Sakoui, ‌Kirsten Donovan)

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