Atairos and NBCUniversal $296 million investment in Opry Entertainment Group
We advised Atairos on the transaction
Davis Polk advised Atairos in connection with the $296 million strategic investment, along with Atairos’s strategic partner NBCUniversal, in a 30% minority ownership stake in Opry Entertainment Group (OEG), a subsidiary of Ryman Hospitality Properties, Inc. (RHP), of which Atairos directly invested $283 million and NBCUniversal directly invested $13 million. The investment values OEG at $1.415 billion, inclusive of OEG’s recent acquisition of Block 21. Atairos has agreed to make an additional $30 million investment in OEG, contingent on certain performance targets being achieved, which would bring OEG’s valuation to $1.515 billion. In connection with the investment, Atairos Partners Alex Evans and Jackson Phillips have joined OEG’s newly formed Board of Directors, which is comprised of four RHP Directors and two Atairos Directors.
Atairos is an independent, private company focused on supporting growth-oriented businesses across a wide range of industries. Atairos provides a unique combination of active strategic partnership and patient long-term capital to high-potential companies and their management teams. Rooted in the unparalleled country music history of the Grand Ole Opry, Opry Entertainment Group produces multi-platform entertainment experiences through its growing portfolio of entertainment venues, including the world-famous Grand Ole Opry, the iconic Ryman Auditorium, WSM Radio, the Blake Shelton-inspired Ole Red brand and Circle TV Network. Ryman Hospitality Properties is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences.
The Davis Polk corporate team includes partner William J. Chudd and associate Brian Lee. The finance team includes partner Hilary Dengel and counsel Robert F. Smith. Partner Ethan R. Goldman is providing tax advice. The executive compensation team includes partner Veronica M. Wissel. The intellectual property and technology transactions team includes partner Pritesh P. Shah and associate Brette L. Trost. The real estate team includes partner Brian D. Hirsch and associate Gregory D. Crane. All members of the Davis Polk team are based in the New York office.