Gaylord Purchases Word Records: Gaylord Entertainment Co....

Gaylord Purchases Word Records: Gaylord Entertainment Co. completed its purchase of Word Records & Music from Thomas Nelson Inc. for $120 million, $10 million more than the initial purchase price. Gaylord, owner of the Nashville Network, Opryland USA and other entertainment properties, said the increase is due to an expected seasonal increase in Word Records’ working capital. The company said in November that it agreed to buy Word Records for $110 million to expand its Christian music business. With annual sales exceeding $100 million, Word Records is one of the largest contemporary Christian music companies. It was acquired four years ago by Thomas Nelson and had been seeking a partner to help market its library of 40,000 songs and its stable of stars, including Amy Grant and Sandi Patty. Gaylord, which also owns Z Music Television, a 24-hour cable TV network devoted to Christian music, plans to showcase Word’s stars at its entertainment sites, such as the Ryman Auditorium, the Grand Ole Opry and the Opryland theme park.