NBCUniversal and investment partner Atiros Fabled have provided ম 293 million for a 30% stake in country music brand Grand Ole Apri and a cluster of related Nashville-based live entertainment and assets.
Apri’s home, the Ryman Auditorium, is known for hosting the Country Music Awards. It is a cornerstone of the Apri Entertainment Group, a division of Ryman Hospitality Properties that receives investment from NBCU. Ryman and Opry themselves, a nearly century-old country music showcase, features a small collection of music venues called Ole Red, radio station WSM-AM and 50% interest in the Country Lifestyle Media Network circle. The network is a joint venture with Gray Television, a major station group owner The weekly “Grand Ole Opry” flows in the stage show circle.
Atairos is bearing the cost of acquiring a 278 million stake, compared to NBCU’s বিনিয়োগ 15 million direct investment. The transaction, which is expected to close in the current quarter, is valued at ry 1.415 billion by Opry Entertainment. Under the terms of the deal, that amount would rise to $ 1.515 billion, once an additional $ 30 million was kicked by Atiros, hitting certain performance targets. OEG will also be recapitalized with a $ 300 million term loan on top of the 30% stake sale.
Colin Reid, CEO of Ryman Hospitality, said: “Over the past decade, we’ve shared our excitement about the bright future of our entertainment business and our nationwide reach and the potential for significant value creation as we transform OEG into an integrated country lifestyle platform. Announcement of contract.
After receiving unsolicited interest in June 2021, Ryman began a formal strategic process to consider alternatives. Covid has changed the calculus for many live event venues, which have finally returned to relatively normal activities after two years marked by significant disruption and slow travel and leisure spending.
Atiros and NBCUniversal “have a great appreciation for the legendary assets under our stewardship,” Reid added, “and we have come together to protect and nurture them for future generations of music lovers to enjoy.” I see this as a significant opportunity to strengthen their influence in the culture. “
Michael Angelakis, CEO of Atyros, said that the Opreland portfolio “provides a strong foundation for continued growth as a fully-fledged country lifestyle platform. Excited to be able to partner with the team. “
David Pitricha, EVP of Strategy and Business Development at NBCU, said the company “seeks to explore worldwide opportunities for media, technology and content creation skills to help OIG accelerate its plans and bring its iconic brands, as well as artists and multilevel cities.” To music lovers. “