Opry Entertainment Group (OEG), owner of the Grand Ole Opry live country music radio station in Nashville, Tenn., is expanding into the music festival industry by acquiring a majority stake in Southern Entertainment.
Financial terms of the deal were not disclosed.
Southern Entertainment is the company behind several well-known country music festivals, including Carolina Country Music Festival Myrtle Beach, South Carolina; Barefoot Country Music Festival Wildwood, New Jersey; Love Life Music Festival in Charlotte, North Carolina; this Greenville Country Music Festival Located in Greenville, SC; and upcoming Live and streaming music festivalsLocated in Winnsboro, South Carolina, it will launch in 2025.
Founded in 2015 Bob Durkin and Rob PedroSouthern Entertainment produces more than 500 Musical events. The Charlotte-based company’s portfolio includes music festivals across multiple states, with the Carolina Country Music Festival in Myrtle Beach being its flagship event.
“In just 10 years, the Southern Entertainment team has grown its business into one of the strongest independent festival businesses in the United States,” said Patrick MooreCEO of Opry Entertainment Group.
“This investment will allow us to expand our reach and attract a large and loyal fan base that will complement our current audience.”
Patrick MooreOpry Entertainment Group
“With this investment, we are entering a dynamic and growing events business with experienced operators who share our passion for creating unforgettable experiences for artists and fans. This investment will allow us Being able to expand our reach and attract a large and loyal fan base that complements our existing audience.
Under the terms of the deal, Durkin and Pedro will continue to lead Southern Entertainment.
The acquisition marks an expansion for OEG, which is majority-owned by Lyman Hospitality.
Durkin and Pedlow said in a joint statement: “Partnering with OEG will add immediate value to our existing events and enable us to accelerate our plans to bring the festival to new markets.”
“We believe our fans, the artists who perform on our stages and the cities in which we operate will benefit from our alliance with such an iconic name in country music.”
Following the merger, OEG’s artist development programs will be integrated into the Southern Music Festival lineup, where many Opry members and Opry NextStage artists have performed.
Going forward, the combined entity plans to develop more artist-centric experiences and explore new markets.
“We see the festival as a tremendous opportunity to deepen our commitment to artists at all stages of their careers, and we’re particularly looking forward to joining forces with Southern Entertainment to bring even more of the up-and-coming artists who perform on our stages to theirs. Big events,” Moore added.
The deal marks the latest development in the music festival industry following the acquisition of European music festival operator Ultra-architectural entertainment by investment giants KKR June 2024.
Also in 2024, Germany-based live music giant CTS activities Complete acquisition living Ticketing and festivals business, the total enterprise value of a transaction is approx. 300 million euros (Approximately $309 million at current exchange rates).
global music business
