State media linked the attacker, named as Imad al-Mansouri, 33, from Yemen, to extremist group Al-Qaeda.
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It took place as Saudi Arabia eased long-standing restrictions on entertainment imposed by conservative religious figures.
The attack happened on 11 November when a man stormed the stage in King Abdullah Parkin Riyadh and stabbed members of the theatre group.
A special court that tries terrorism cases found al-Mansouri guilty of multiple charges, including acting on the orders of a senior al-Qaeda leader in Yemen.
He was put to death on Thursday in Riyadh, the interior ministry said in a statement.
Al-Qaeda have not said that they carried out the attack.
A second man was sentenced by the Specialised Criminal Court to 12.5 years in prison.
Saudi authorities claimed al-Mansouri filmed a video of himself railing against the country’s newly-founded Entertainment Authority, which spread on social media.
Crown Prince Mohammed Bin Salman promised a programme of modernising reforms called Vision 2030 when he was appointed in 2017.
Decades-old bans on cinemas and mixed-gender concerts were lifted, and women are now permitted to attend football matches.
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