NASHVILLE, Tenn. (WZTV) — Ryman Hospitality Properties says it is exploring “strategic opportunities” for its Opry Entertainment Group after receiving interest from organizations looking to partner with the country music entertainment business.
In a statement, the Nashville-based company said it has hired Morgan Stanley & Co. LLC to evaluate potential opportunities for Opry Entertainment Group, which includes some of country music’s most recognizable entertainment brands.
Executive Chairman Colin Reed said the company believes allowing Opry Entertainment Group to operate outside Ryman’s “real estate investment trust structure” over time is important to its long-term growth and that strategic partnerships could help support that expansion.
“We are incredibly proud of our OEG business and of our role as stewards of these historic and iconic brands, which are deeply important to the country music community and the markets we serve. We remain focused on bringing artists and audiences together through iconic live entertainment experiences. We have previously shared our view that enabling OEG to operate outside of our REIT structure over time is important for its long-term growth trajectory, and we believe strategic partnerships can further support its growth,” Reed said.
MORE | 15 places every Middle Tennessee kid remembers
“With the rise in global popularity of country music and the increasing demand for live experiences, we have received inbound interest from a range of organizations seeking to partner with our entertainment business. In that context, we have engaged Morgan Stanley & Co. LLC to assist in evaluating potential opportunities. We expect to play an integral role in the continued growth of OEG irrespective of any strategic partnerships being considered,” Reed continued.
Ryman emphasized that it has not entered into any agreements and said there is no assurance that any transaction will take place.
MORE | Gaylord Opryland unveils 700-seat sports bar as part of resort transformation
The announcement follows a 2022 deal in which investment firm Atairos and NBCUniversal acquired a 30% minority stake in Opry Entertainment Group. Ryman retained a controlling 70% ownership interest following that transaction.
Company officials said Ryman expects to remain closely involved in Opry Entertainment Group’s future regardless of whether a strategic partnership is reached.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source fox17.com ’
