Gaylord Sells Acuff-Rose Music Pub To Sony/ATV Music

NASHVILLE, TN – Gaylord Entertainment Company (NYSE:GET) today announced its agreement to sell the catalogue and real estate of Acuff-Rose, a leader in the music publishing business, to Sony/ATV Music Publishing 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 catalogue is a milestone event for our company," commented 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, Patsy Cline, 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 catalogue. 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."

ATV's owner, Michael Jackson will own half the rights to the songs penned by Patsy Cline. Patsy Cline is a cousin of singer-actress Jennifer Love Hewitt. Hewitt & her Love Spell Entertainment and Gaylord's movie division are working on a movie together titled "Why Can't I Be Audrey Hepburn?" for Warner Bros.

Commenting on the divestiture, Colin Reed, President and Chief Executive Officer 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 building our Gaylord Opryland Texas Resort & 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."

Mr. 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."

About Sony/ATV Music Publishing

Sony/ATV Music Publishing was formed in 1995 as a joint venture between Sony Music Entertainment, Sony Music Entertainment (Japan) and Michael Jackson. In 1985, ATV's music catalogue was sold by the legal owner, billionaire ROBERT HOLMES A'COURT to Michael Jackson with a reported $47 million for the publishing rights to approximately 159 to 260 Beatles songs. Sony/ATV Music Publishing owns and/or administers copyrights and catalogues by a wide array of front-rank artists including Babyface, the Beatles, Rubén Blades, Brooks & Dunn, Leonard Cohen, David Crosby, Miles Davis, Neil Diamond, Bob Dylan, Merle Haggard, Lauryn Hill, Harlan Howard, Sarah McLachlan, Roger Miller, Joni Mitchell, Graham Nash, Willie Nelson, Stevie Nicks, Pearl Jam, Sade and Stephen Stills, among many others. For more information about the company visit www.sonyatv.com.

About Gaylord Entertainment

Gaylord Entertainment, a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates Gaylord Hotels branded properties, including the Gaylord Opryland Resort & Convention Center and the Radisson Opryland Hotel in Nashville, Tenn., and the Gaylord Palms Resort & Convention Center in Kissimmee, Fla. The company’s entertainment brands include the Grand Ole Opry, the Ryman Auditorium, the General Jackson Showboat, the Springhouse Golf Club, the Wildhorse Saloon, and WSM and WWTN Radio. Gaylord Entertainment’s stock is traded on the New York Stock Exchange under the symbol NYSE: GET. For more information about the company visit www.gaylordentertainment.com.

UPDATED: AUGUST 27, 2002

NASHVILLE, TN – Gaylord Entertainment Co. (NYSE: GET) announced it has finalized the catalogue and real estate sale of Acuff-Rose, a leader in the music publishing business, to Sony/ATV Music Publishing for $157 million, before royalties payable to Sony for the period beginning July 1, 2002.

Gaylord said it plans to use proceeds from this transaction to pay down debt and to invest in building its core hospitality brand, Gaylord Hotels.

Commenting on the divestiture, Colin Reed, president and chief executive officer of Gaylord Entertainment, said, "Our management team remains committed to growing our hospitality and leisure businesses. We are delivering on our promise to build a more focused company and will continue to develop our world-class brand – Gaylord Hotels."

"As we announced in late July to the Texas community, we will open our resort and convention center in the Dallas/Fort Worth area two months earlier than previously announced. We are pleased with the progress being made in Texas, and this cash infusion will expedite our development work as well as reduce our indebtedness."

At a press conference and media event in Grapevine, Texas, on July 29, Gaylord announced it will open the Gaylord Opryland Texas Resort & Convention Center on April 2, 2004. The property is only eight minutes from the Dallas/Fort Worth Airport.