Ryman Hospitality Properties

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Ryman Hospitality Properties, Inc.
Formerly
Gaylord Broadcasting Company
Gaylord Entertainment Company
Public
Traded asNYSERHP
Russell 2000 Component
IndustryREIT
Entertainment
Founded1925; 95 years ago (1925)
FounderEdward Gaylord
Headquarters,
U.S.
Key people
Colin Reed (CEO)
RevenueIncrease US$747,723,000 (2007)
Decrease US$43,182,000 (2007)
Increase US$111,911,000 (2007)
Total assetsDecrease US$2,336,867,000 (2007)
Total equityIncrease US$941,492,000 (2007)
SubsidiariesOpry Entertainment Group
Websiterymanhp.com/ Edit this on Wikidata

Ryman Hospitality Properties, Inc. (NYSERHP) is a hotel, resort, entertainment, and media company named after National Historic Landmark the Ryman Auditorium, built as a tabernacle by Captain Thomas G. Ryman in 1892 and later the home of the Grand Ole Opry from 1943 to 1974. The hospitality group was founded by Edward Gaylord. Prior to its public ownership, it was previously a subsidiary of the Oklahoma City-based Oklahoma Publishing Company, which was formerly owned by the Gaylord family for 71 years until 2011. The OPUBCO company was once the longtime publisher of the Daily Oklahoman newspaper. Until 2012, the company was known as Gaylord Entertainment Company, and earlier as Gaylord Broadcasting Company. The company has operated as a real estate investment trust since October 1, 2012.

History[edit]

Gaylord Broadcasting[edit]

The Oklahoma Publishing Company, owned by the Gaylord and Dickinson families, in 1928 purchased a radio station, WKY, which started the company's involvement in broadcasting. Cofounder Edward King Gaylord lead the prospering publishing company into television broadcasting with the sign-on of WKY-TV on June 6, 1949 and became its focus in the next two decades when the company maxed out at seven stations with the 1962 acquisition of KTVT in Dallas-Fort Worth, Texas. Thus the company set up the Gaylord Broadcasting for its broadcasting stations.[1]

Cofounder Gaylord lead the media mini-conglomerate through to a prosperous 1970s in which he died in 1974 at age 101 leaving leadership of the companies to his son, Edward L. Gaylord. In 1974, the company purchased another television station KSTW in Seattle.[1]


Gaylord Broadcasting formed Gaylord Productions in 1979 to enter TV and film opening an office in Century City, Los Angeles and hired Elmo Williams as executive vice president. In 1981, Gaylord Productions purchased Yongestreet Productions, producer of the long-running television series Hee Haw from its creators Peppiatt and Aylesworth. With the purchase of Yongestreet, Williams became president of Gaylord Productions' movie division while Alan Courtney becoming president of its TV division.[2] Gaylord continued to produce and distribute the show until it ended its run in 1997.

The company was aware of Opry business's expansion in the 1970s and early 1980s with Edward considering that company as a fit for Gaylord Broadcasting.[1] With that business put up for sale by its parent, American General, Gaylord Broadcasting agreed buy Opry properties in September 1983.[1][3] The new acquisitions, including the just launched The Nashville Network, were renamed and incorporated into Opryland USA, Inc. and continued under existing management.[1][3] Gaylord followed up that acquisition with an attempted to purchased the Texas Rangers to no avail.[1]

Opryland USA started Gaylord Syndicom division on July 15, 1984 to develop syndicated TV programs.[3] While in 1985, Acuff-Rose Music was acquired[4] by its Opryland Music Group[5] Gaylord opened in 1985 the General Jackson river and paddle-wheel showboat.[1]

With Opryland efforts producing success, Gaylord had his organization focus on Opryland in the late 1980s while TV operation increased profits during that time. Gaylord Broadcasting was able to sell television stations WTVT in Tampa and WVUE in New Orleans for $365 million in 1987 while getting a $100 million tax credit for selling to a minority-owned company with the condition that the proceeds are rolled into a media-released purchases with in two years. However, to met the deadline, Gaylord overpaided for a California cable television company and incurred a heavy debt load.[1]

Gaylord Entertainment[edit]

Corporate logo as Gaylord Entertainment Company, 2001–2012

Gaylord Entertainment Company was formed on October 24, 1991 as the company went public.[3] The new company consisted of Oklahoma Publishing Company's broadcasting and entertainment holdings. 22% of the stock was sold to the public while Gaylord retain 66% and voting control. Also during the public offering period, the company laid out expansion plans for hotel and theme park plus a Ryman Auditorium renovation.[1]

A controlling stake in Country Music Television was purchased in January 1991 with Group W Satellite Communications buying the remaining stock. CMT move to Opryland Drive, Nashville.[1][6] The cable channel was taken into Europe in 1992. [1] CMT Euro was launched in October 1992. In July 1993, Gaylord reorganized placing all its cable channels, CMT, CMT Europe and TNN in a division under a senior Vice president, David Hall.[7] In April 1994, Gaylord Entertainment and Nashville city made a bid for Minnesota Timberwolves to move to Nashville.[8]

Gaylord Broadcasting in 1994 had sued The WB to get some of its stations out their affiliation with the network to affiliated them with CBS. The WB counter sued for breach of contract and acting in bad faith. As a part of the settlement, Gaylord Broadcasting sold KHTV to WB partner Tribune Broadcasting.[9]

Gaylord Entertainment began moving into the niche of Christian businesses with May 1996 assumption of management of Z Music Television[10] along with a option to buy 95% of the cable channel.[11] Gaylord extended operations into the Christian-related businesses. Word Entertainment, a Christian music company, was purchased in January 1997 from Thomas Nelson Publishers.[12] Word and artist/producer Steve Taylor launched in September 1997 Squint Entertainment joint venture label.[13] In 1999, 51% of Christian music musicforce.com was acquired, while musicforce.com purchased all of Lightsource.com, a provider to broadcast.com of Christian-content. A new online division, GETdigitalmedia, soon followed.[1]

Gaylord Entertainment sold for stock its two cable channels sans CMT International and Z-Music management options to CBS-Westinghouse in February 1997.[14] CMT International ceased CMT Europe channel due to high losses from distribution and satellite costs on March 31, 1998. In Europe, they shifted to providing CMT as block programming to other channels.[15]

Also in 1997, Opryland USA theme park was closed for redevelopment into a shopping and entertainment district called Opry Mills.[3] With its The Mills Corp. partner, building began in October 1998 on the complex which opened in May 2000.[1] Gaylord would own a third of the district while The Mills a majority 2/3 share. Terry E. London was appointed in 1997 as CEO and began a series of reinventions of the company.[16]

Gaylord Cable Networks purchased a 15% stake in TV Argentina and Solo Tango pay TV channels in the Fall of 1999 when it added a programming block to TV Argentina, a music and lifestyle channel. In May 2000, Gaylord upped its stakes in the two channels to 50%. The company expend to convert TV Argentina to MusicCountry and expand Solo Tango's, dance focus channel, reach beyond Argentina and its limited South American distribution.[17] Gaylord Cable Networks launched MusicCountry cable channel in Mexico and Argentina on July 1, 2000 and closed Z Music on June 30, 2000. In Mexico, MusicCountry was a two hour programming block on Video Rola music channel. The CountryMusic block on TV Argentina started with nine hours with three in prime time with expectations to expand to 24 hours. MusicCountry would take a broader view of country to localization and adding in a mix of Americana, folk, rock, and roots music programming. On September 1, 2000, the MusicCountry brand would be available in Europe. In Australia, Brazil, Indonesia, the Philippines, and Asia-Pacific region's areas, CMT channels would rebrand to MusicCountry by year's end. A 24 hour schedule was slated for the Australia and Pacific Rim channels.[18] MusicCountry Latin America channel in Argentina launched with its Latin America partner, Ashmore, as a 24 hour channel in late November 2000 as a rebranding of TV Argentina.[17][19]

In 1997, in partnership with the newly-formed Nashville Predators (NHL) hockey team (which would begin play in 1998, and of which Gaylord Entertainment owned a 20% share), the company purchased the naming rights to Nashville's new downtown arena, which became known as the Gaylord Entertainment Center. The agreement − originally signed for 20 years at a cost of $2 million per year −[16] was canceled in 2005, but the name remained on the arena until 2007. Gaylord also divested its ownership share of the franchise.

Gaylord started its Family Value Entertainment division with the April 1997 purchase of Blanton Harrell Entertainment management firm. Z Music and Word Entertainment were transferred into the division. Division co-presidents appointed were Michael Blanton and Dan Harrell.[20]

In July 1998, Gaylord Entertainment purchased Pandora Investment, Luxembourg-based film acquisition and distribution company, and placed it in its Idea Entertainment division.[21] Gaylord funded in March 1999 Indigo Productions.[22]

Wildhorse Saloon, a country music dance club and restaurant, was opened in 1994 in downtown Nashville.[23] A second location was opened in Orlando in 1998 as a part of a plan turning the club into a country-wide chain. However, it was closed in November 1999 with a loss of $16 million. its Dallas-Fort Worth station, KTVT, was sold to CBS in October 1999 for $485 million.[16]

Gaylord Films was started with the hiring of producer Hunt Lowry as president in May 2000 as he ended his first look deal at Walt Disney Studios. Gaylord Films would focus on mainstream films while mid-budget and specialty films would be Pandora's area.[24] The film unit signed in September 2000 a co-financing, distribution and production deal with Warner Bros. for four years and up to ten films.[25] In October 2000, Pandora Pictures was slated to move to Los Angeles with Lowry taking over as the company president and mostly new executive team.[26]

2000 also saw Gaylord invested in several websites, Edgate.com Inc. kid portal, CountryCool.com country music site and RockCity.com short film site. London left as CEO along with internet division head Brian Payne and creative content group president Tim DuBois. New management in the early 2000s believed that Gaylord Entertainment's future lie solely in the management of the hospitality arm of the company. With the exception of the Grand Ole Opry, Ryman Auditorium, General Jackson Showboat, Wildhorse Saloon, and WSM radio in Nashville, all non-hotel businesses were abandoned or sold. By 2001, the company closed or sold its stakes in the above websites plus Lightsource.com and Musicforce.com and took a $59 million charge. Golf event entities were sold to Oklahoma Publishing Co.[16] Word Entertainment's UK operations were sold in Spring 2001 to STL, Ltd.[27] Squint was reduced to a label when its staff was let go in August 2001 with only Taylor remaining as president to handle artists and repertoire.[13] In December 2001, Gaylord agreed to sell Word Entertainment to Warner Music Group with the sale closing in December 2002.[27]

Gaylord Entertainment announced construction on two Opryland Hotel in late 1998 in Osceola County, Florida (near Orlando) and in Grapevine, Texas were slated to open in 2002 and 2003. Their hotel development plans were expanded by 2001 to a total of five to seven hotels with the Opryland Hotel Potomac, a 2,000-room hotel and convention center at National Harbor, Maryland to start building in 2002 to open in 2004.[1] Other location announced later were San Antonio, Texas, San Diego Mesa, Ariz., and Denver, Colo. Opryland Hotel Potomac opened on April 1, 2008 as the Gaylord National Resort & Convention Center.[28]

Acuff-Rose Music was sold in August 2002 to Sony/ATV Music Publishing for over ten times over purchase price.[4][29] Gaylord Entertainment sold Gaylord Films and Pandora Films libraries and in development projects to Qualia Capital in March 2006.[30]

Ryman Hospitality Properties[edit]

The company agreed to sell the Gaylord Hotels division inlcuding brand and management rights, to Marriott International in May 2012, while retaining ownership of the hotels.[31] Marriott's Gaylord Hotels would also manage on the company's behalf Gaylord Springs Golf Links, the General Jackson Showboat and the Wildhorse Saloon. As a result of the sale, the company lost the rights to use the Gaylord name, resulting in the change to Ryman Hospitality Properties, Inc.

According to Chairman and CEO Colin Reed, Ryman will continue to operate and manage the Grand Ole Opry, Ryman Auditorium and WSM radio for the time being, stating that they are "iconic" assets.[32] The conversion cost more than 300 corporate employees their jobs with the company. The purchase came just as the poison pill put forth by the board of directors expired, opening the company up for a hostile takeover.

Robert Rowling, the Texas billionaire who owns TRT Holdings, bought 14 percent of Gaylord stock in early 2008.[33] Later that year, Gaylord rejected Rowling's bid to increase TRT's stake to 30 percent, saying there would be no benefit to the company and also noting TRT's potential conflict of interest, since TRT owns the Omni Hotel chain, which competes with Gaylord for conference and convention business.[34] In management's effort to see the Marriott plan to succeed, the company paid $185 million on August 7, 2012 for almost half of the shares owned by billionaire Robert Rowling and launched an offering to help him dispose of his remaining 5.6 million shares. Rowling had previously opposed the Marriott purchase saying, "The company can go on a diet without having surgery. We would rather see Gaylord maintain the status quo and implement the savings without permanently impairing the value of the Gaylord Properties by encumbering them with the onerous, long term Marriott Agreement." Omni would go on to open its first Nashville hotel in September 2013, adjacent to the downtown Music City Center.

Opry Entertainment opened on December 1, 2017 Opry City Stage as a joint venture in New York City.[35][36] The venue was planned to be turned into a chain.[36]

Properties[edit]

Facilities owned by Ryman Hospitality Properties and operated by Opry Entertainment include:[36]

Facilities owned by Ryman Hospitality Properties, but managed by Marriott International, include:

Previously owned properties and ventures include:

  • Opryland USA (-1997) theme park
  • Fiesta Texas Theme Park (minority interest)
  • WKY Radio, Oklahoma City
  • ResortQuest International, Inc.
  • Bass Pro Shops' Outdoor World (minority interest)
  • Opryland Music Group
  • Grand Ole Opry Tours
  • Opryland River Taxis
  • Opryland Productions
  • Opryland Theatricals
  • Corporate Magic
  • Gaylord Cable Networks
    • The Nashville Network
    • CMT
    • CMT International
    • MusicCountry cable channel
      • MusicCountry Latin America (50%) formerly TV Argentina
    • Solo Tango dance cable channel (50%)
  • Nashville Predators (minority interest)
  • Opry Mills (minority interest)
  • Family Value Entertainment division (April 1997—[20]
    • Blanton Harrell Entertainment talent management firm
    • Z Music Television (Christian music video channel) management with options to purchases
    • Word Entertainment (1997—January 2002) Christian music company distributed by Epic at the time of sale to Warner Music Group[27]
      • Word Record, Christian record label
      • Word Publishing
      • Word Distribution, Christian market distribution
      • Quint Entertainment, joint venture label[27]
  • Idea Entertainment division
    • Pandora Investments
    • Indigo Productions (March 1999—) minor stake; a new venture by British film and TV producers Nigel Stafford-Clark and Scott Meek started in 1998 after leaving Zenith Production.[22]
    • Gaylord Films
  • Gaylord Production Company
  • musicforce.com
  • lightsource.com
  • Gaylord Digital
  • Opry City Stage (December 1, 2017— ) a 28,000 square-foot four-floor venue of Opry Entertainment was located next to M&M's World on Broadway in the middle of Times Square in New York City. The venue has a retro WSM 650 neon sign, two music stages, multiple bars and a Bluebird Café look-a-like (small ticketed concert) room. Luke Bryan on December 8, 2017 preformed for Good Morning America at the venue's main stage.[35]

Broadcast properties[edit]

Ryman Hospitaity's only present broadcast property, as noted above, is WSM (650 AM) in Nashville, a heritage country music station with a 50,000-watt clear-channel signal. Oklahoma Publishing acquired WSM as part of its purchase of the Grand Ole Opry and associated businesses in 1983.[37]

Ryman, while it was a subsidiary of Oklahoma Publishing, owned several television and radio stations. The broadcasting subsidiary originated as the WKY Radiophone Company, named after its Oklahoma City flagship stations. In 1956 it became the WKY Television System, holding onto that moniker until 1975 when it took on the Gaylord Broadcasting Company name.[38] Below are charts of stations formerly owned by Ryman's predecessor companies.

Stations are arranged in alphabetical order by state and city of license.

Note: ** indicates a station built and/or signed-on by Oklahoma Publishing/Gaylord Broadcasting.

Radio[edit]

AM Station FM Station
City of license/Market Station Years owned Current ownership
Albuquerque KRKE 610 1974–1980 KNML, owned by Cumulus Media
KRKE-FM 94.1 1976–1980 KZRR, owned by iHeartMedia
Oklahoma City WKY 930 1928–2002 Owned by Cumulus Media
WKY-FM 98.9 1947–1952 defunct, went silent in 1952
frequency now used by KYIS
Portland, Oregon KYTE 970 1977–1983 KUFO, owned by Alpha Media
KYTE-FM/KLLB 101.1 1977–1983 KXL-FM, owned by Alpha Media
Nashville WSM-FM 95.5 1983–2003 Owned by Cumulus Media
WWTN 99.7 1995–2003 Owned by Cumulus Media

Television[edit]

City of license / Market Station Channel
TV (RF)
Years owned Current ownership status
MontgomerySelma, Alabama WSFA 12 (12) 1955–1959 NBC affiliate owned by Gray Television
Denver KLZ-TV ** 7 (7) 1953–1954 ABC affiliate, KMGH-TV, owned by the E. W. Scripps Company
TampaSt. Petersburg WTVT 13 (12) 1956–1987 Fox owned-and-operated (O&O)
New Orleans WVUE 8 (28) 1977–1987 Fox affiliate owned by Gray Television
LorainCleveland WUAB 43 (10) 1977–1989 The CW affiliate owned by Gray Television
Oklahoma City WKY-TV ** 4 (27) 1949–1976 NBC affiliate, KFOR-TV, owned by Nexstar Media Group
Fort WorthDallas KTVT 11 (19) 1962–1999 CBS owned-and-operated (O&O)
Houston KHTV ** 39 (38) 1967–1995 The CW affiliate, KIAH, owned by Nexstar Media Group
TacomaSeattle KSTW 11 (11) 1974–1997 The CW affiliate owned by CBS Corporation
Milwaukee WVTV 18 (18) 1966–1996 The CW affiliate owned by Sinclair Broadcast Group

References[edit]

  1. ^ a b c d e f g h i j k l m n "History of Gaylord Entertainment Company". International Directory of Company Histories, Vol. 36. St. James Press. 2001. Retrieved November 20, 2019 – via FundingUniverse.
  2. ^ "Gaylord Production Acquires "Hee Haw'". Oklahoman. November 11, 1981. Retrieved November 22, 2019.
  3. ^ a b c d e Paxman, Bob (2012). "Gaylord Entertainment Company". The Encyclopedia of Country Music. Oxford University Press. p. 197. ISBN 9780199920839. Retrieved November 20, 2019.
  4. ^ a b Morris 5/15/2003, Edward (May 15, 2003). "Acuff-Rose Song Catalog a Bright New Star for Sony/ATV". CMT News. Retrieved November 22, 2019.
  5. ^ "E. W. "Bud" Wendell". Country Music Hall of Fame. Retrieved January 8, 2020.
  6. ^ Paxman, Bob (2012). "CMT". The Encyclopedia of Country Music. Oxford University Press. pp. 101–101. ISBN 9780199920839. Retrieved November 20, 2019.
  7. ^ Dempsey, John (July 2, 1993). "Gaylord goes out of country". Variety. Retrieved January 8, 2020.
  8. ^ "Gaylord in Nashville NBA bid". Variety. April 5, 1994. Retrieved January 8, 2020.
  9. ^ Flint, Joe (September 18, 1995). "Tribune buys KHTV from Gaylord for $95 million". Variety. Retrieved January 8, 2020.
  10. ^ Bates, Patricia (1996-03-16). "'Triple-Play' contest promotes Z Music, Word Distribution titles" (PDF). Billboard. 108 (11): 78. ISSN 0006-2510.
  11. ^ "SEC Filing - General Form for Registration of Securities". ir.rymanhp.com. New Gaylord Entertainment Company. Retrieved November 22, 2019.
  12. ^ Price, Deborah Evans (December 8, 2001). "Sale to Warner Brings Word Into Major Leagues". Billboard. Nielsen Business Media, Inc. Retrieved January 3, 2020.
  13. ^ a b "In the News". Billboard. Nielsen Business Media, Inc. August 4, 2001. p. 8. Retrieved January 3, 2020.
  14. ^ Fabrikant, Geraldine (February 11, 1997). "Westinghouse To Buy Units From Gaylord For $1.5 Billion" – via NYTimes.com.
  15. ^ Katz, Richard; Katz, Richard (February 3, 1998). "Gaylord shutters CMT Euro".
  16. ^ a b c d Hedgpeth, Dana (April 13, 2001). "Troubles in Opryland". Washington Post. Retrieved January 13, 2020.
  17. ^ a b Sutter, Mary; Sutter, Mary (May 24, 2000). "Gaylord increases share in Argentine pay TV channels".
  18. ^ Stark, Phyllis (May 20,2000). "Gaylord Plans Global Country Cable Channel" (PDF). Billboard: 8,122. Retrieved December 31, 2019. Check date values in: |date= (help)
  19. ^ Staff, Variety; Staff, Variety (December 4, 2000). "Gaylord tunes up web in Argentina".
  20. ^ a b Price, Deborah Evans (April 12, 1997). "Gaylord Buys Blanton/Harrell, Launches FVE". Billboard. 109 (15): 6, 85. ISSN 0006-2510. Retrieved January 3, 2020.
  21. ^ Morgan, Richard (July 24, 1998). "Gaylord grabs Pandora". Variety. Retrieved January 3, 2020.
  22. ^ a b Dawtrey, Adam (March 26, 1999). "Gaylord to fund U.K.'s Indigo". Variety. Retrieved January 8, 2020.
  23. ^ Knutson, Jesse (June 1, 2016). "Wildhorse Saloon Reveals Renovations". WTVF. Retrieved January 13, 2020.
  24. ^ Lyons, Charles; Higgins, Bill (May 15, 2000). "Lowry tops Gaylord Films". Variety. Retrieved January 3, 2020.
  25. ^ Lyons, Charles (September 15, 2000). "Gaylord, WB pact for films". Variety. Retrieved January 3, 2020.
  26. ^ Lyons, Charles; Harris, Dana (October 23, 2000). "Gaylord's Pandora thinks outside box". Variety. Retrieved January 8, 2020.
  27. ^ a b c d Deborah Evans, Price (December 8, 2001). "Sale to Warner Brings Word Into Major Leagues". Billboard. Billboard. Retrieved January 3, 2020.
  28. ^ "Gaylord National Resort opens". Virginia Business. June 1, 2008. Retrieved April 26, 2016.
  29. ^ "Jackson made Exeter FC director". BBC.co.uk. July 3, 2002. Retrieved November 22, 2019.
  30. ^ Brennan, Tom (March 29, 2006). "Hogan! Fund Buys Sitcoms, Movies For $100M". Forbes. Retrieved January 8, 2020.
  31. ^ Snyder, Eric (May 31, 2012). "Gaylord selling hotel brand for $210 million to Marriott". Nashville Business Journal. American City Business Journals. Retrieved January 9, 2020.
  32. ^ De Lombaerde, Geert (September 25, 2012). "Reformed Gaylord REIT to take Ryman name". Nashville Post. Retrieved October 3, 2012.
  33. ^ [1],"Robert Rowling is the billionaire Dallas doesn't know", August 24, 2008, accessed August 29, 2010
  34. ^ "Gaylord rejects Omni owner's proposal". December 3, 2008. Retrieved August 29, 2010.
  35. ^ a b Garrison, Joey; Rau, Nate (December 8, 2017). "Belt buckles meet the Big Apple as Opry City Stage opens in Times Square". The Tennessean. USA Today Network. Retrieved January 8, 2020.
  36. ^ a b c "Ex-Opryland GM named to Ryman Hospitality retail post". Nashville Post. March 16, 2018. Retrieved January 8, 2020.
  37. ^ ""Opryland changes hands." Broadcasting, July 11, 1983, pg. 24" (PDF).
  38. ^ ""By a new name." Broadcasting, July 7, 1975, pg. 30" (PDF).

External links[edit]