"The addition of songs by Hank Williams, Roy Orbison, The Everly Brothers and Felice and Boudleaux Bryant to those of the Beatles, Sade, Bob Dylan, Willie Nelson and Nile Rodgers cements Sony/ATV's stature as a 24-karat catalog."
—— Paul Russell, Sony/ATV Music Publishing

SONY/ATV BUYS ACUFF-ROSE FOR $157 MILLION

Japanese Major Secures Rights to Leading Music Publisher of Tunes by Williams, Everly Brothers, Orbison, Others
Sony/ATV Music Publishing on Tuesday announced the purchase of leading music publisher Acuff-Rose, home to such tunes as "Bye, Bye Love" and "Your Cheatin’ Heart," from Gaylord Entertainment for $157 million in cash.

Proceeds from this transaction will be used to pay down debt and to invest in building the company’s core hospitality brand, Gaylord Hotels. The Acuff-Rose transaction is subject to customary conditions of closing and is expected to close in August.

"The acquisition of the Acuff-Rose catalog is a milestone event for our company," said Paul Russell, Chairman, Sony/ATV Music Publishing. "`Bye Bye Love," "Oh Pretty Woman" "Your Cheatin’ Heart" and other Acuff-Rose standards are cornerstones of our culture. The addition of songs by Hank Williams, Roy Orbison, The Everly Brothers and Felice and Boudleaux Bryant to those of the Beatles, Sade, Bob Dylan, Willie Nelson and Nile Rodgers cements Sony/ATV's stature as a 24-karat catalog. We have been entrusted with a real treasure, and our first priority will be to maintain the integrity and quality of the Acuff-Rose catalogue while raising its profile with new generations of performers."

Commenting on the deal, Colin Reed, President/CEO of Gaylord Entertainment, said, "The sale of Acuff-Rose is in line with our previously announced plans. Over the past 12 months, we have been involved in a careful and deliberate analysis of the assets of Gaylord, examining which businesses make the greatest strategic and financial contributions to the company. Our motivation was and continues to be to focus our resources and attention on those businesses in the hospitality and leisure segments that contribute a solid return on investment, provide sustainable growth and can be supported by the skill set of our management team.

"We will use the capital received in this transaction to invest in development projects in our core hospitality business, particularly constructing our Gaylord Texas resort and convention center, which is under construction outside of Dallas. We are pleased with the progress we are making in Texas and this cash infusion will expedite our development work as well as reduce our indebtedness."

Reed added, "By selling the Acuff-Rose catalogue to Sony/ATV, which has a global publishing network, this creates a win for all parties - for Gaylord shareholders, for Acuff-Rose songwriters, and for Sony/ATV Music Publishing."

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