Grand Ole Opry Proprietor Sells Minority Stake to NBCUniversal, Atairos


NBCUniversal and unbiased funding firm Atairos are set to purchase a 30% minority possession stake in Ryman Hospitality Properties’ subsidiary OEG Points of interest Holdings.

OEG Points of interest Holdings instantly or not directly owns the belongings that comprise Opry Leisure Group (OEG), together with the Grand Ole Opry, the Ryman Auditorium, WSM 650 AM, Ole Crimson and a 50% curiosity within the nation way of life media community Circle (which Ryman Hospitality Properties owns in a three way partnership with Grey Tv).

The deal is predicted to shut within the second quarter of 2022.

Atairos’ funding values OEG at $1.415 billion (together with OEG’s beforehand introduced acquisition of Block 21, which is predicted to shut June 1). Atairos has agreed to make a further $30 million funding in OEG, contingent on sure efficiency targets being met. The preliminary $1.415 billion valuation features a recapitalization of OEG with a brand new $300 million Time period Mortgage B and the idea of a $137 million CMBS facility for Block 21 upon consummation of that transaction. Atairos’ and NBCUniversal’s preliminary 30% fairness funding in OEG might be roughly $293 million, with Atairos instantly investing roughly $278 million and NBCUniversal instantly investing as much as roughly $15 million.

As soon as the transaction is full, Ryman Hospitality Properties will retain a controlling 70% curiosity in OEG, with chairman and CEO Colin Reed serving as government chairman of OEG. Atairos will enter into an LLC settlement with Ryman Hospitality Properties and OEG upon the closing of the funding. Atairos companions Alex Evans and Jackson Phillips will be part of OEG’s board of administrators, which might be comprised of 4 Ryman Hospitality Properties administrators and two Atairos administrators.

In a press release, Reed mentioned, “Again in June 2021, given the unsolicited curiosity we had acquired, we launched into a proper course of to determine a strategic accomplice that shares our imaginative and prescient for rising OEG to a place the place it may function independently of our core hospitality enterprise whereas enabling our shareholders to take part within the vital upside for OEG that lies forward. We view this partnership as a major alternative to strengthen these beloved establishments and cement their affect on American music tradition.”

Michael Angelakis, chairman/CEO of Atairos, added, “OEG’s dynamic assortment of leisure venues, digital content material and iconic nation music manufacturers present a robust basis for continued progress as a fully-integrated nation way of life platform. We’re excited to accomplice with the RHP and OEG groups to discover new content material distribution methods and help their ambition of changing into the main participant in nation way of life stay leisure and media content material.”

In his personal assertion, David Pietrycha, government vp of technique and enterprise growth at NBCUniversal, added, “We’re excited to put money into OEG alongside our strategic accomplice Atairos. We sit up for exploring alternatives to leverage our media, know-how and content material creation experience to assist OEG speed up its plans and produce its iconic manufacturers, in addition to artists and storied cities, to music lovers worldwide.”


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