Daily Recap: RHP, TECH/MRK, AMS

Research evidence excerpt

Daily Recap: RHP, TECH/MRK, AMS

Quick Note

June 25, 2026 SPECIAL SITUATIONS

Analysts

Michael Piccolo

212-668-9863 Ryman Hospitality Properties, Inc. (RHP - $129.77)michael.piccolo@wedbush.com

Engages Morgan Stanley to Explore Sale of ~70% Stake in Opry Entertainment

Group. RHP confirmed via press release that it has retained Morgan Stanley

to evaluate strategic partnerships for its Opry Entertainment Group ("OEG")

subsidiary, which RHP controls with an ~70% ownership stake. OEG, comprising

the Grand Ole Opry, Ryman Auditorium, Ole Red venues, ACL Live at the Moody

Theater, and Southern Entertainment, generated $434M in revenue with $68.5M in

operating income in FY'25, representing ~17% of RHP's consolidated revenue. The

strategic backdrop traces to June 2022, when Atairos and NBCUniversal acquired

a 30% minority stake in OEG for $296M, valuing the business at $1.415B (SEC 8-

K). Exec. Chairman Colin Reed flagged the REIT structural constraint as a long-

term growth impediment for OEG, consistent with longstanding pressure from

investor Mario Gabelli advocating a separation. RHP noted no agreements have

been executed and no transaction is assured. (Press Release)

TRADING VIEW: We believe this development is meaningfully positive for RHP

on a sum-of-the-parts basis. The 2022 Atairos transaction pegged OEG at ~

$1.4B; with four years of growth in country music's global footprint and live

entertainment demand, a full sale or structured carve-out of RHP's ~70% stake

could surface considerably more value today, particularly for a strategic acquirer

(live entertainment platforms, private equity) willing to pay a scarcity premium for

these irreplaceable brands. The REIT structural drag has historically suppressed