Ryman Hospitality Properties has confirmed it is exploring options for Opry Entertainment Group, the owner of the Grand Ole Opry.
The Nashville-based real estate investment trust said it had received inbound interest from “a range of organizations” seeking to partner with the country-music entertainment business, and had engaged Morgan Stanley to evaluate the opportunities.
The statement, issued on Wednesday (June 24), followed a Bloomberg report that the company was exploring a sale of its 70% stake in OEG.
“We are incredibly proud of our OEG 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,” said Ryman Executive Chairman Colin Reed in the statement.
“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.”
Colin Reed, Ryman Hospitality Properties
Reed continued: “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.”
Ryman said there were no assurances that any transaction would occur.
According to the statement, OEG is composed of country-music brands including the Grand Ole Opry, the Ryman Auditorium, the WSM 650 AM radio station, the Ole Red venues and ACL Live at the Moody Theater in Austin.
The unit also manages outdoor venues, including the Ascend Amphitheater in Nashville and the CCNB Amphitheatre in South Carolina.
Ryman‘s hotels are not part of any sale: its owned assets include the Gaylord Opryland Resort & Convention Center in Nashville and the Gaylord Texan Resort & Convention Center outside Dallas, which Bloomberg reported would be excluded.
OEG generated operating income of USD $68.5 million on revenue of $434 million in 2025, according to Bloomberg.
The entertainment unit contributed about 17% of Ryman‘s revenue last year, while the wider company carries an enterprise value of $12 billion, the report added.
Shares in Ryman rose 4.5% on Wednesday to close at $129.77.
OEG was last valued at $1.415 billion in 2022, when investment firm Atairos and NBCUniversal acquired a 30% minority stake in the business.
Atairos and NBCUniversal continue to hold that 30% interest, leaving Ryman with the 70% now under review.
On the hotel side of its business, Ryman acquired the JW Marriott Phoenix Desert Ridge Resort & Spa in June 2025.
The company runs OEG as a taxable REIT subsidiary, and has long signaled its intention to move the business out of its REIT structure.
Investor Mario Gabelli has argued that Ryman should spin off the entertainment assets, which he has suggested could command a higher value as a standalone business – a strategy the company has explored before, according to Bloomberg.
Ryman CEO Mark Fioravanti told investors at a Gabelli conference on June 4 that the company had made progress to “get this business ready for it to be on its own and there’s a number of different ways that structurally that can happen,” Bloomberg reported.
OEG has been expanding beyond its Nashville roots, acquiring a majority stake in Southern Entertainment in January 2025.
The Charlotte-based company is behind country festivals including the Carolina Country Music Fest.
Investor appetite for live entertainment has been building, with private equity firm Providence striking a $1 billion-plus deal for live-events logistics company Global Critical Logistics in May 2025.
Investment giant KKR, meanwhile, acquired European festival operator Superstruct in 2024.
On the venue side, Live Nation said in June 2025 that it would invest $1 billion in 18 new and renovated US venues over 18 months.
The Grand Ole Opry began as a radio broadcast on WSM in 1925, and bills itself as the longest-running radio broadcast in history.
It marked its 100th anniversary on November 28, 2025, with centennial programming continuing into 2026 under an “Opry 100: Summer of the Century” run of shows from June through August.
No prospective buyers have been publicly identified.
Morgan Stanley will now evaluate potential opportunities for the business, with Ryman due to report its second-quarter results on August 7.Music Business Worldwide
