NBCUniversal and investment partner Atairos have paid 293 million for a 30 stake in fabled country music brand the Grand Ole Opry and a cluster of related Nashville-based live entertainment and assets.
The Opry’s home, Ryman Auditorium, is known for hosting the Country Music Awards. It is a cornerstone of Opry Entertainment Group, the division of Ryman Hospitality Properties receiving the investment from NBCU. Along with the Ryman and the Opry itself, a nearly century-old country music showcase, properties include a smaller collection of music venues called Ole Red, radio station Wsm-am and a 50 interest in country lifestyle media network Circle. The network is a joint venture with Gray Television, a major station group owner. The weekly “Grand Ole Opry” stage show streams on Circle.
Atairos is shouldering almost the entire cost of acquiring the stake, putting in 278 million, compared with a direct investment of 15 million by NBCU. The transaction, which...
The Opry’s home, Ryman Auditorium, is known for hosting the Country Music Awards. It is a cornerstone of Opry Entertainment Group, the division of Ryman Hospitality Properties receiving the investment from NBCU. Along with the Ryman and the Opry itself, a nearly century-old country music showcase, properties include a smaller collection of music venues called Ole Red, radio station Wsm-am and a 50 interest in country lifestyle media network Circle. The network is a joint venture with Gray Television, a major station group owner. The weekly “Grand Ole Opry” stage show streams on Circle.
Atairos is shouldering almost the entire cost of acquiring the stake, putting in 278 million, compared with a direct investment of 15 million by NBCU. The transaction, which...
- 4/4/2022
- by Dade Hayes
- Deadline Film + TV
Ryman Hospitality Properties, the Nashville-based parent company of the Grand Ole Opry, has struck a deal to sell a 30 stake in its entertainment operations to investment firm Atairos and NBCUniversal.
The transaction values Ryman Hospitality’s Opry Entertainment Group unit at about 1.4 billion in total. Atairos and NBCUniversal will invest approximately 293 million in Opry Entertainment Group (Oeg), which consists of the weekly “Grand Ole Opry” stage show and media rights, Nashville’s famed Ryman Auditorium, the legendary Nashville radio station Wsm-am and a 50 stake in TV channel Circle, the streaming home of “Grand Ole Opry.” The pact calls for Atairos to invest another 30 million in Oeg down the road if certain performance targets are met.
The deal amounts to a sky-high valuation of 17 to 18 times Oeg’s projected 2022 adjusted earnings before interest, taxes, appreciation and amortization of 80 million-88 million. And that is a sign of the feverish M&a marketplace for sui generis IP assets.
The transaction values Ryman Hospitality’s Opry Entertainment Group unit at about 1.4 billion in total. Atairos and NBCUniversal will invest approximately 293 million in Opry Entertainment Group (Oeg), which consists of the weekly “Grand Ole Opry” stage show and media rights, Nashville’s famed Ryman Auditorium, the legendary Nashville radio station Wsm-am and a 50 stake in TV channel Circle, the streaming home of “Grand Ole Opry.” The pact calls for Atairos to invest another 30 million in Oeg down the road if certain performance targets are met.
The deal amounts to a sky-high valuation of 17 to 18 times Oeg’s projected 2022 adjusted earnings before interest, taxes, appreciation and amortization of 80 million-88 million. And that is a sign of the feverish M&a marketplace for sui generis IP assets.
- 4/4/2022
- by Cynthia Littleton
- Variety Film + TV
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