Ryman hires Morgan Stanley to explore Opry Entertainment deals

Ryman Hospitality Properties, Inc. (NYSE: RHP) said it has engaged Morgan Stanley & Co. LLC to evaluate potential strategic partnership opportunities for its Opry Entertainment Group (OEG) business, according to a press release issued by the company.

Executive Chairman Colin Reed said the company has received inbound interest from multiple organizations seeking to partner with OEG. Reed added that the company has previously indicated its view that allowing OEG to operate outside of its real estate investment trust structure over time is important for the business's long-term growth.

"We expect to play an integral role in the continued growth of OEG irrespective of any strategic partnerships being considered," Reed said.

Ryman noted that it has not entered into any agreements and said there are no assurances that any transaction will occur.

Ryman holds an approximately 70% controlling ownership interest in OEG, which includes the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, and several other country music and entertainment venues and brands. OEG is currently operated as a taxable REIT subsidiary within Ryman's Entertainment segment.

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