Opry Entertainment Group, a subsidiary of Ryman Hospitality
Properties, Inc. (NYSE: RHP), and Gray Television, Inc. (NYSE:GTN)
(collectively, “the Companies”) today announced that they have
entered into a joint venture to create and distribute a premier
linear multicast and OTT (over-the-top) channel dedicated to the
country lifestyle.
The Companies plan to transform the current landscape of country
music media offerings aimed at the genre’s rapidly growing audience
by providing a dedicated home for artist-driven country lifestyle
programming. The new channel will deliver a premium entertainment
service featuring content that highlights country music artists and
the passions, hobbies and love of music they share with their
fans.
The 50/50 joint venture will link Opry Entertainment’s network
of entertainment venues, programming archive, licensed content and
original programming to Gray’s strong local television and digital
presence. The new service will be based in Nashville and will be
fueled by marketing and promotional resources from both Companies’
existing network of media assets.
The Companies anticipate launching the linear multicast channel
in early 2020 across television stations located throughout the
country, including those owned by Gray. The Companies expect to
launch a companion, premium OTT service in mid-2020. Digital media
executive Drew Reifenberger will lead the staffing, development and
launch of the channel as General Manager of the joint venture.
Colin Reed, Chairman and Chief Executive Officer of Ryman
Hospitality Properties said, “For more than 93 years, the Grand Ole
Opry has provided a platform for country music fans to discover and
connect with artists. This partnership with Gray is the next step
in the continued evolution of our Company’s position as a country
music discovery point for fans. Its distribution network closely
aligns with our fan base and will allow us to quickly scale our
delivery of existing and original artist-centered content to help
reach the 110 million country music fans in the United States.”
Pat LaPlatney, President and Co-Chief Executive Officer of Gray,
said, “We have believed for some time that tremendous opportunity
exists to bring differentiated entertainment offerings that
celebrate country music to our audience base. Opry Entertainment’s
unparalleled history in the country music industry combined with
their special and enduring relationship with the artist community
makes them a natural partner to help us deliver this premium
content to our local communities.”
Scott Bailey, President of Opry Entertainment, said, “Country
music fans have long been known to be tremendously dedicated to the
genre. As a company, we have recognized that there is a gap for
these consumers in where they can go to watch great artist-centered
programming on any device, wherever they happen to be. We believe
there is a significant opportunity to become the category leader in
country lifestyle entertainment and to play an important role in
delivering this content and experience.”
For more details, including job opportunities, and to keep up
with the latest news about this venture, please visit
joinusinthecountry.com.
A Note to Ryman Hospitality Properties, Inc.
Shareholders: For additional information regarding this
partnership, visit ir.rymanhp.com and click on Presentations and
Transcripts.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a REIT for
federal income tax purposes, specializing in group-oriented,
destination hotel assets in urban and resort markets. The Company’s
owned assets include a network of four upscale, meetings-focused
resorts totaling 8,114 rooms that are managed by lodging operator
Marriott International, Inc. under the Gaylord Hotels brand. The
Company is the majority owner of the joint venture that owns the
1,501-room Gaylord Rockies Resort & Convention Center, which is
also managed by Marriott International, Inc. Other owned assets
managed by Marriott International, Inc. include Gaylord Springs
Golf Links, the Wildhorse Saloon, the General Jackson Showboat, The
Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord
Opryland and AC Hotel Washington, DC at National Harbor, a 192-room
hotel near Gaylord National. Ryman Hospitality Properties also owns
and operates media and entertainment assets, including the Grand
Ole Opry (opry.com), the legendary weekly showcase of country
music’s finest performers for over 90 years; the Ryman Auditorium,
the storied former home of the Grand Ole Opry located in downtown
Nashville; 650 AM WSM, the Opry’s radio home; and Ole Red, a
country lifestyle and entertainment brand. For additional
information about Ryman Hospitality Properties, visit
rymanhp.com.
About Gray Television, Inc.
Gray currently owns and/or operates television stations and
leading digital properties in 93 television markets, including the
number-one rated television station in 68 markets and the first or
second highest rated television station in 87 markets. Gray’s
television stations cover approximately 24 percent of US television
households and broadcast approximately 400 separate programming
streams, including nearly 150 affiliates of the CBS/NBC/ABC/FOX
networks. Gray also owns video program production, marketing,
and digital businesses including Raycom Sports, Tupelo-Raycom, and
RTM Studios, the producer of PowerNation programs and
content. For further information, please visit
www.gray.tv.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains statements as to the Companies’
beliefs and expectations of the outcome of future events that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. These forward-looking statements, including the expected
timing, completion and effects of the proposed transactions between
the Companies, are subject to risks and uncertainties that could
cause actual results to differ materially from the statements made.
Other factors that could cause operating and financial results to
differ are described in the filings made from time to time by Ryman
Hospitality Properties and Gray with the U.S. Securities and
Exchange Commission. Additional information about the risks related
to Ryman Hospitality Properties and its business are described in
Ryman Hospitality Properties’ Annual Report on Form 10-K for the
fiscal year ended December 31, 2018. Additional information about
the risks related to Gray and its business may be found in Gray’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2018. Except as required by law, the Companies do not
undertake any obligation to release publicly any revisions to
forward-looking statements made in this press release to reflect
events or circumstances occurring after the date hereof or the
occurrence of unanticipated events.
Media / Investor Relations Contacts for Ryman
Hospitality Properties, Inc.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President & Chief Financial Officer |
Shannon Sullivan, Vice President Corporate and Brand
Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Todd Siefert, Vice President Corporate Finance & Treasurer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6344 |
(929) 266-6315 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com |
For Gray Television, Inc.
Pat LaPlatney President and Co-Chief Executive Officer
334-206-1400
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Apr 2023 to Apr 2024