NASHVILLE, Tenn. (WTVF) — A minority investor will now stake a claim in the Opry Entertainment Group, which oversees many Nashville entertainment venues from the Grand Ole Opry to the Ryman Auditorium.
Atairos — an independent investment company with its strategic partner NBCUniversal — will invest 30% ownership. Overseeing and owning the Opry Entertainment Group is Ryman Hospitality Properties — the real estate trust that specializes in entertainment and hotel experiences around the city. That investment equates into $300 million between Atarios and NBCUniversal.
Ryman Hospitality Properties will remain the majority owner.
"Over the last decade, we have shared our excitement about the bright future of our entertainment business and the significant value creation opportunities that exist as we extend our reach nationwide and transition OEG to an integrated country lifestyle platform," chairman and CEO Colin Reed said.
Reed said the group decided to find a strategic partner after unsolicited interests. He said this was part of trying to grow the Opry Entertainment Group where it operates independently of Ryman Hospitality Properties.
"Atairos and NBCUniversal have a great appreciation for the legendary assets under our stewardship, and we are aligned on protecting and nurturing them for future generations of music lovers to enjoy," Reed said. "We view this partnership as a significant opportunity to strengthen these beloved institutions and cement their influence on American music culture. We remain focused on creating sustainable long-term value for our shareholders as we seek new ways to connect artists and fans through one-of-a-kind experiences."
What experiences RHP + OEG oversees and invests:
- Grand Ole Opry
- Ryman Auditorium
- WSM Radio
- Ole Red
- Wildhorse Saloon
- General Jackson Showboat
- Ole Red with Blake Shelton
- Circle TV
