NASHVILLE, Tenn. (WTVF) — Reports about a potential sale involving some of country music’s most iconic brands are generating attention in Nashville.
Ryman Hospitality Properties (RHP) is exploring a deal involving its ownership stake in Opry Entertainment Group, the company behind the Grand Ole Opry, Ryman Auditorium and other entertainment properties, the company confirmed.
NewsChannel 5 reached out to RHP. In a statement Wednesday, the company confirmed it is evaluating potential opportunities involving Opry Entertainment Group but said no agreements have been reached.
The Grand Ole Opry House and the Ryman Auditorium are both owned by Ryman Hospitality Properties through its Opry Entertainment Group business.
The company said it has received interest from a “range of organizations” interested in partnering with its entertainment division. As a result, Ryman has engaged Morgan Stanley & Co. LLC to help evaluate potential opportunities.
“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,” said Colin Reed, executive chairman of Ryman Hospitality Properties.
Ryman said it has not entered into any agreements and emphasized there is no assurance that any transaction will occur.
The company also said it expects to continue playing a significant role in Opry Entertainment Group regardless of whether any strategic partnership is ultimately pursued.
Ryman Hospitality Properties owns an approximate 70% controlling interest in Opry Entertainment Group, whose portfolio includes the Grand Ole Opry, Ryman Auditorium, WSM radio, Ole Red venues, Category 10 and other entertainment and hospitality assets.
Here is the full statement from Ryman Hospitality Properties, Inc.:
“Ryman Hospitality Properties, Inc. (NYSE: RHP) (the ‘Company’), a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences, today addressed recent media reports regarding the Company’s Opry Entertainment Group (‘OEG’) business.
Colin Reed, Executive Chairman of Ryman Hospitality Properties said, ‘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.
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.’
The Company has not entered into any agreements, and there are no assurances that any transaction will occur.”
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‘ Some details of this article were extracted from the following source www.newschannel5.com ’
