The Grand Ole Opry could soon be put up for sale, along with several other beloved country music-based businesses.
The Nashville community is full of questions after reports surfaced that Ryman Hospitality Properties is considering selling a 70% stake in Opry Entertainment Group.
If the deal moves forward, the businesses under OEG would be operated by new leadership. The potential sale could impact some of country music’s most recognizable names, like the Grand Ole Opry, Ryman Auditorium, WSM Radio, Blake Shelton’s Ole Red bar locations, and Luke Combs’ Category 10.
So what exactly does this mean for the future of the Grand Ole Opry? Well, as of right now, that’s still unclear.
While Ryman Hospitality has confirmed that discussions are underway, there is currently no finalized deal.
Why Is Ryman Hospitality Considering Selling The Grand Ole Opry?
Earlier this week, Ryman Hospitality’s executive chairman, Colin Reed, shared a statement with NewsChannel 5 Nashville, explaining the reasoning behind the company’s potential decision.
‘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,” he said. “We remain focused on bringing artists and audiences together through iconic live entertainment experiences.”
Ultimately, Reed says the goal of the proposed deal is to help the Grand Ole Opry and other affiliated businesses under OEG continue to grow.
Ryman Hospitality operates as a real estate investment trust (REIT). In simple terms, that means the company is taxed as a real estate business rather than an entertainment company.
Because of that, it has strict tax rules that can limit how much establishments like the Grand Ole Opry are able to expand.
Bringing in a new majority owner would give OEG more freedom to grow, open new locations, and invest in new opportunities without those same restrictions.
“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,” Reed added.
That said, many people in the Nashville area are worried about what could happen if the sale becomes a reality.
A lot of fans want the Opry to remain a one-of-a-kind Nashville treasure instead of growing into a larger national brand. They are hoping that it keeps the close-knit, hometown feel that’s made the institution so special for over a century.
