Nashville-based Ryman Hospitality Properties is looking into the possible sale of its entertainment division, Opry Entertainment Group, reports Nashville Business Journal. More Business News
The move could include some of Nashville’s most iconic venues, including the Ryman Auditorium and the Grand Ole Opry, both of which are part of the OEG portfolio.
Ryman Hospitality Properties has hired Morgan Stanley & Co. to explore a buyer for its 70% stake in Opry Entertainment Group. Bloomberg was the first to report the news.
Atairos and NBCUniversal have held a 30% minority stake in OEG since 2022. At the time of that investment, OEG was valued at $1.415 billion.
After several outlets reported on the sale of the Grand Ole Opry and Ryman Auditorium. Colin Reed, Executive Chairman of Ryman Hospitality Properties, shared the following statement.
“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.”
It continued, “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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