Newspaper article THE JOURNAL RECORD

Gaylord Entertainment Sells Equity in Five Businesses

Newspaper article THE JOURNAL RECORD

Gaylord Entertainment Sells Equity in Five Businesses

Article excerpt

Gaylord Entertainment has sold its stock and equity interests in five businesses to the privately held Oklahoma Publishing Co. for $22 million in cash as well as the assumption of $20 million in third party debt.

The businesses sold were Gaylord Films, Pandora Films, Gaylord Sports Management Group, Gaylord Event Television and Gaylord Production Co. Gaylord Films, Pandora and Gaylord Event Television are in California, Gaylord Sports Management Group is in Arizona and Gaylord Production Company is in Tennessee.

Gaylord Entertainment Chairman E.K. Gaylord II also is president of Oklahoma Publishing, a privately owned Oklahoma City-based business that operates The Daily Oklahoman. His father Edward L. Gaylord, is chairman emeritus of Gaylord Entertainment and chairman and CEO of Oklahoma Publishing.

The sale of these businesses continues our work to streamline Gaylord Entertainment and allows us to focus on our core operations in hospitality, music, media and entertainment, said Dennis J. Sullivan Jr., president and CEO of Gaylord Entertainment. Our core businesses - among them established entities such as the Opryland Hotel, the Grand Ole Opry, Word Entertainment, Acuff-Rose Music Publishing and WSM Radio - warrant our substantial interest.

Four of the five businesses sold were relatively new to Gaylord Entertainment. The fifth, Gaylord Production, formerly an active production company, maintains a library of television series, made- for-television movies and feature-length movies licensed to third parties. It was created in 1980.

Gaylord Films, with offices in Burbank, Calif., was established in September to produce and distribute major motion pictures. Pandora Films, acquired by Gaylord Entertainment in 1998, is a distributor of films and television programming. It recently was relocated to Burbank from Paris, France, in order to consolidate operations and eliminate repetitive functions.

Gaylord Sports Management Group in Scottsdale, Ariz., is a golf management company that manages the careers of professional golfers. It was purchased by Gaylord Entertainment in 1998.

Gaylord Event Television in Santa Monica, Calif. …

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