WARNER GETS RELIGION

WMG Acquires Gaylord Entertainment’s Christian Music Division, Makes No "Gay Lord" Jokes

Warner Music Group and Gaylord Entertainment announced today that WMG has agreed to acquire Gaylord's Word Entertainment division. Though subject to regulatory consent, the transaction is expected to be completed no later than in the first quarter of 2002.

Word Entertainment is home to some of Christian music's top performers and songwriters, including Platinum-selling and award-winning artists Amy Grant, Sandi Patty, Point Of Grace, Sixpence None The Richer and Jaci Velasquez. The company is the exclusive distributor of leading Christian labels Integrity Music and Big Idea among others.

"We're delighted to welcome Word Entertainment to Warner Music Group at a time when Christian music is enjoying explosive growth," said WMG Chairman/CEO Roger Ames. "Over the past five years, the Christian/Gospel genre has grown more than 12% a year while the overall music industry has grown at 3% a year. Word is one of the most prominent players in this arena, and we look forward to working with the company's top notch artists and labels and to offering them the resources and expertise of Warner Music Group."

Under the agreement, Malcolm L. Mimms will continue as president and COO of Word Entertainment. Word will continue to be based in Nashville, TN.

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