Real estate investment trust Ryman Hospitality Properties (RHP) is considering offloading its majority stake in Opry Entertainment Group (OEG), according to a report from the Tennessean.
That’s the group, which owns two iconic Nashville music venues: The Grand Ole Opry and the Ryman Auditorium. OEG’s portfolio also includes WSM Radio as well as star bars such as Blake Shelton‘s Ole Red locations and Luke Combs‘ Category 10.
But the Opry is perhaps the marquee venue involved in this decision. It’s the most storied venue in country music history, and one of Nashville’s premiere attractions.
Could the Grand Ole Opry Be Going Up For Sale?
Maybe.
RHP confirmed to News Channel 5 this week that it is “exploring potential opportunities involving Opry Entertainment Group.”
“We are incredibly proud of our OEG business and of our role as stewards of these historic and iconic brands,” said the statement from RHP executive chairman Colin Reed. “…We remain focused on bringing artists and audiences together through iconic live entertainment experiences.”
Read More: How Do Artists Become Grand Ole Opry Members?
The company said that a “range of organizations” have shown interest, and it has engaged financial services company Morgan Stanley & Co LLC to evaluate those opportunities.
However, nothing’s finalized. “The company has not entered into any agreements, and there are no assurances that any transaction will occur,” the statement from RHP concludes. The statement also indicates that the company, who currently owns an approximate 70 percent stake in Opry Entertainment Group, expects to continue playing a significant role regardless of any future partnerships.
What is the Grand Ole Opry’s Legacy?
The Grand Ole Opry was founded in 1925 as the WSM Barn Dance, and it was instrumental in developing country music as fans know and love it today. It’s the longest-running radio broadcast in U.S. history.
Grand Ole Opry membership — available by invite only — is one of the highest honors in the genre that can be bestowed upon an artist, and conveys a responsibility to its members to foster the traditions of country music and “the unbroken circle.”
Read More: Watch Vince Gill Perform the No. 1 Grand Ole Opry Song
Last year, the Grand Ole Opry celebrated its 100th anniversary with a year-long run of special events and performances. On the anniversary of the official date of the venue’s founding — Nov. 28 — Vince Gill unveiled and performed the No. 1 song in Grand Ole Opry history: George Jones’ “He Stopped Loving Her Today.”
31 Country Stars You Won’t Believe Aren’t Grand Ole Opry Members
That answer is often difficult to determine, but this list of stars you won’t believe aren’t members suggests reasons where appropriate.
Gallery Credit: Billy Dukes
