12-03-2008

SCORE

Gaylord Entertainment Company has agreed to sell Word Entertainment to Warner Music Group for $84.1M.

Under the agreement announced this morning, Word will continue to operate in Nashville with Malcolm L. Mimms as its president and chief operating officer. Warner is expected to keep most of Word's employees, Gaylord said in a news release.

The sale, subject to regulatory approval, is expected to be completed in January.

Gaylord spoke earlier this month of its intentions to sell Word as part of its plans to divest non-essential assets to return to the company's focus on the hospitality and entertainment business.

Warner is expected to retain most of Word's employees, according to a Gaylord news release.

"We're delighted to welcome Word Entertainment to Warner Music Group at a time when Christian music is enjoying explosive growth," said Roger Ames, chairman and chief operating officer of Warner Music.

Warner Music, an AOL Time Warner Company, owns several other record labels, including Warner Bros. Nashville, Asylum, Reprise and Elektra. Its international music publishing operations include Warner/Chappell, which has an office in Nashville.