Ryman Hospitality Properties, Inc. is exploring the sale of its 70% controlling interest in Opry Entertainment Group, the Nashville-based entertainment subsidiary that owns the Grand Ole Opry, Ryman Auditorium and “WSM Radio” WSM-AM, among other assets. The company has engaged Morgan Stanley & Co. to assist in evaluating potential opportunities, according to a statement issued Wednesday.
The move follows a Bloomberg report that Ryman had hired Morgan Stanley to find a buyer for the stake.
In a statement, Executive Chairman Colin Reed stopped short of confirming a sale, saying the company has “received inbound interest from a range of organizations” and that strategic partnerships could support OEG’s long-term growth. Reed cited the rise in global popularity of country music and growing demand for live experiences as factors attracting outside interest.
“We expect to play an integral role in the continued growth of OEG irrespective of any strategic partnerships being considered,” Reed said in a release.
OEG’s holdings include the Grand Ole Opry, Ryman Auditorium, Ole Red, ACL Live at the Moody Theater in Austin, TX, and the CCNB Amphitheatre in Simpsonville, SC. It also holds a majority interest in Southern Entertainment, a festival and events company. Ryman has previously indicated it views moving OEG outside its REIT structure as important to the subsidiary’s long-term trajectory.
The company said no agreements have been reached and that a transaction is not certain.
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