Gaylord Entertainment Finalizes Sale of Two FM Stations to Cumulus Media for $65 Million in Cash

July 22, 2003

NASHVILLE, Tenn.--(BUSINESS WIRE)--July 22, 2003--Gaylord Entertainment Company (NYSE:GET) today announced it has completed the sale of its two FM radio stations, 95.5 WSM-FM and 99.7 WWTN-FM, to Cumulus Media (NASDAQ:CMLS) for $65 million in cash. Proceeds from the transaction are being used to fund a portion of the construction of the Company's Gaylord Opryland Texas Resort & Convention Center, the renovation of the Grand Ole Opry House and other growth initiatives.

As part of a joint sales agreement, Cumulus now manages national and local advertising sales for country music radio station WSM-AM, which Gaylord continues to own. Gaylord remains committed to the further development of WSM-AM, its cherished icon of country music and key distribution channel for the Company's Grand Ole Opry content.

About Gaylord Entertainment

Gaylord Entertainment (NYSE:GET), a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates Gaylord Hotels branded properties, including the Gaylord Opryland Resort & Convention Center in Nashville and the Gaylord Palms Resort & Convention Center in Kissimmee, Fla., and the Radisson Hotel Opryland in Nashville. 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-AM. For more information about the company, visit www.gaylordentertainment.com.

CONTACT: Gaylord Entertainment, Nashville Jim Brown, 615-316-6302 [email protected]

SOURCE: Gaylord Entertainment