Gaylord Sells Nashville FM Stations

Gaylord Entertainment, owner of the Grand Ole Opry, is retaining WSM-AM while selling two other Nashville radio stations, including WSM-FM. Cumulus Media, which owns more than 250 stations throughout the U.S., will pay $65 million for WSM-FM (a country station) and WWTN-FM (a news-talk station). Cumulus already owns three other non-country stations in Nashville. While Cumulus will not own WSM-AM, Gaylord has entered into a long-term joint service agreement that calls for Cumulus to handle the AM station’s advertising sales. The Grand Ole Opry will continue to be broadcast on WSM-AM. 03/25/03