Ryman Hospitality Properties Inc. is actively exploring the potential sale of its 70% stake in Opry Entertainment Group, the company that operates Nashville's landmark country-music venues, according to people familiar with the matter. The REIT has appointed Morgan Stanley & Co. to identify potential buyers, though those close to the process caution that a sale is not guaranteed.
Representatives for Ryman and Morgan Stanley declined to comment on the deliberations. The discussions, as described, pertain specifically to Ryman's majority ownership in the entertainment arm that runs the Grand Ole Opry House and the Ryman Auditorium.
Importantly for investors and potential bidders, Ryman's broader portfolio of hospitality and convention assets would not be part of any prospective transaction. The REIT's holdings include the Gaylord Opryland Resort & Convention Center in Nashville and the Gaylord Texan Resort & Convention Center near Dallas; those properties are excluded from the contemplated sale.
The Grand Ole Opry is identified in the available information as a live country-music radio broadcast and the longest-running radio show in the United States. The program originated in Nashville in 1925 on station WSM and has historically showcased bluegrass, folk and gospel performers. The show is also credited in the available description with helping transform country music from a niche genre into a global industry.
Notable performers who have appeared on the Opry stage, as referenced in the background provided, include Hank Williams, Dolly Parton, Luke Combs and Taylor Swift.
Context for markets and stakeholders
For shareholders and market participants tracking Ryman, the process of marketing a majority stake in a high-profile entertainment operator could influence perceptions of the company's asset mix and strategic priorities. That said, the scope of the outreach is limited to the Opry Entertainment Group stake; Ryman's hotel and convention assets are explicitly not on the table.
At this stage, the information available is limited to the appointment of an adviser and the exclusion of certain properties from any potential transaction. Observers should note the explicit caveat that a sale is not assured, and Ryman and Morgan Stanley have not provided statements beyond declining comment.