On The Potential Sale of the Grand Ole Opry

Ryman Hospitality Properties, which owns The Grand Ole Opry, The Grand Ole Opry House, The Ryman Auditorium (a.k.a. the “Mother Church of Country Music”), along with a host of other assets under its “Opry Entertainment Group” is looking to sell an ownership stake in the business to an even bigger firm, and is letting the public know about it. This happened Wednesday afternoon (6-24) when the company confirmed they’re actively courting potential buyers.

Colin Reed, Executive Chairman of Ryman Hospitality Properties said in a statement,

“We are incredibly proud of our OEG (Opry Entertainment Group) 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.

“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.”

Similar to the recent news reports about Garth Brooks potentially looking to sell his catalog for $2 billion, the likely reason Ryman Hospitality is publicly broadcasting its interest in selling part or all of its Opry Entertainment Group holdings is to attempt to get as many suitors interested as possible to help drive up the price. This is also the reason for the talk about “the rise in global popularity of country music and the increasing demand for live experiences” in Executive Chairman Colin Reed’s statement. They believe country music is peaking at the moment, and so the valuation has never been higher, and it’s a seller’s market.

If Ryman Hospitality Properties sells off some or most of Opry Entertainment Group or a significant percentage of the business, it might not have any affect on these historic country music institutions at all as Colin Reed said, and it might not even happen in the first place. Or it could be a very major development if some massive private equity firm like BlackRock or Blackwater becomes a partner or majority stakeholder in country music’s most storied institution in the Grand Ole Opry.

In 2012 when Ryman Hospitality converted to a Real Estate Investment Trust, or REIT, the idea that entertainment would take a back seat to real estate concerns was a fundamental worry, voiced by Saving Country Music and partners in the transaction. It meant that the business that owned the Grand Ole Opry and Ryman were no longer in the entertainment business. They were in the real estate business. Or to boil it down even further, they were in the money making business.

Even CEO Colin Reed said in his statement about the potential sale, “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,” meaning the company doesn’t even see The Grand Ole Opry prospering under the management of a real estate company.

Currently, The Opry Entertainment Group, which is a division of Ryman Hospitality Properties, owns 70% of its own assets. The company sold off 30% of its equity to NBC Universal and Atairos in 2022 for $293 million. The hope at the time was the sale might mean the return of the Opry to network television, as well as other “synergies” between the two companies. But the results of the investment have been mixed at best for both parties so far.

The main outcome of the partnership was the launching of the People’s Choice Country Awards, which at the time constituted a fourth annual country awards show. First held in 2023, out of the chute it was fair to question what the staying power of the awards would be. In 2024 when Zach Bryan, Beyonce, and Kacey Musgraves led the nominations, but none of them showed—nor did the top winner Morgan Wallen—the writing was on the wall. When the PCCAs were quietly cancelled for 2025, barely anyone even took notice.

It’s also important to understand that the assets controlled by Ryman Hospitality Properties don’t just begin and and end with the Grand Ole Opry. They own WSM Radio, and the Ole Red and Category 10 venues with multiple locations across the United States. They also own the 37-story, full city block-sized mixed-use complex in downtown Austin along second street known as “Block 21” that houses the 2,750-seat Moody Theater where Austin City Limits is taped, and ACL Live events happen weekly.

Opry Entertainment Group also owns a minority stake in the country music/lifestyle media outlet Whiskey Riff.

A major sale could potentially affect all of these assets, so it is something that people who care about the future of these historic country music institutions should pay close attention to. It’s a tale as old as time for massive private equity firms to buy into iconic American brands like the Grand Ole Opry, mismanage the assets, implement draconian cost cutting measures, and then liquidate assets until they completely erode what made the original company cool or important to begin with.

As we’re witnessing with the recent sale of Pizza Hut after years of mismanagement, along with other iconic American brands, investments by private equity can sometimes spell disaster. That’s not a forgone conclusion for The Grand Ole Opry and the Opry Entertainment Group. But it is definitely something concerned country fans should keep an eye on.

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