It looked like the crisis for Studio ‘A’ had been averted, and a Studio ‘A’ rally that transpired Monday morning in the historic spot turned out to be less about saving Studio ‘A’, and more about saving many of Music Row’s historic buildings and properties by asking the City of Nashville to designate the area as a historic district. Now the current owners of the building have written a letter…
Fallout from the sale of Gaylord Entertainment to Marriott International continues. Shareholders approved the $210 million dollar deal on Tuesday (9-25-2012) despite one of the leading investors in the company wanting Gaylord to spin off its Grand Ole Opry assets. Now the deal has ruffled the feathers of a country music heavyweight: Dolly Parton.
Tuesday morning (9-25-12), Gaylord Entertainment shareholders approved a $210 million dollar deal to have Marriott International buy the company and take over management of certain Gaylord assets. As part of the SEC filing, Gaylord also revealed they plan to change the name of the company to Ryman Hospitality Properties, the “Ryman” being from The Ryman Auditorium.
Tuesday will be the first time since 1982 that The Opry will have an opportunity to be free of a larger company’s control, a company that must meet shareholder’s demands, and figure out how to fit an old, historic institution into a modern-day corporate management structure. But where is this opposition in the argument for the Opry’s fate that could very well be decided tomorrow? They seem curiously absent.
The two top shareholders in Gaylord are unhappy with the Marriott deal, with the first one having to be bought out, and the second one Gabelli Funds LLC with a 15% percent stake in Gaylord, specifically asking Gaylord to spin off its Grand Ole Opry assets for the exact reasons Saving Country Music has asserted it should.
As first theorized by Saving Country Music on April 30th, The Grand Ole Opry and its parent company Gaylord Entertainment could soon be up for sale according to Bloomberg. What escalated the potential sale of The Opry from a theory to a very real possibility was a procedural vote earlier this week by Gaylord shareholders to let what’s called a “poison pill” in the company’s bylaws expire.