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EXHIBIT 99
INFORMATION FOR RELEASE
GAYLORD ENTERTAINMENT
MEDIA CONTACT: ALAN HALL INVESTOR CONTACT: RUSS WORSHAM
TELEPHONE: (615) 316-6551 TELEPHONE: (615) 316-6564
FOR IMMEDIATE RELEASE
GAYLORD ENTERTAINMENT COMPANY COMPLETES CABLE NETWORKS
MERGER WITH WESTINGHOUSE; 'NEW' GAYLORD ENTERTAINMENT
COMPANY LAUNCHED TODAY
NASHVILLE, TN, October 1, 1997 -- Gaylord Entertainment Company (NYSE:GET) today
announced that it had completed the merger of TNN: The Nashville Network and the
U.S. and Canadian operations of CMT: Country Music Television into the CBS Cable
operations of Westinghouse Electric Corporation (NYSE:WX) for $1.55 billion in
Westinghouse stock and the spin-off of its remaining operations to its
stockholders.
Under the terms of the Westinghouse merger, Gaylord Entertainment shareholders
are entitled to receive .606 shares of Westinghouse common stock for each of
their shares of "old" Gaylord Entertainment common stock. In addition, Gaylord
Entertainment shareholders will receive one newly issued share of common stock
of the "new" Gaylord Entertainment Company for every three "old" Gaylord
Entertainment shares. Both the Westinghouse merger and the related spin-off
transaction are tax free to Gaylord Entertainment shareholders.
"With the successful completion of the Westinghouse transaction, Gaylord
Entertainment now begins its quest of creating new entertainment traditions,"
said Terry E. London, President and Chief Executive Officer of Gaylord
Entertainment. "We intend to build upon our 72-year heritage of providing
quality, family-oriented entertainment through properties such as the Grand Ole
Opry and the Opryland Hotel to create new products and activities that are fun
and exciting, while reflecting the values of the traditional American family.
With the quality and creativity of the management team we have in place today, I
fully expect Gaylord Entertainment to become known as a top-notch entertainment
company in the years to come."
In addition to the Grand Ole Opry and the Opryland Hotel, the major assets of
the "new" Gaylord Entertainment Company will include the Company's
Nashville-based attractions anchored by the Opryland theme park, broadcasting
operations comprised of Dallas CBS-affiliate station KTVT and three
Nashville-based radio stations, as well as ongoing interests in country and
contemporary Christian music with Opryland Music Group, Word Entertainment and
Blanton/Harrell Entertainment.
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New Gaylord Entertainment
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CMT International -- which is comprised of CMT Europe, CMT Asia and CMT Latin
American -- and Z Music Television, will be the Company's remaining cable
networks. London noted that the Company will initially rely on the Opryland
Hotel, the largest hotel and convention center under one roof in the world, for
the majority of the Company's profitability.
"The Opryland Hotel, with its almost nine acres of trees, gardens, waterfalls
and rivers under glass, is one of the most entertaining and enjoyable hotels in
the world," said London. "We intend to explore opportunities to build upon our
reputation and expand our talent and expertise in the convention hotel industry
into other convention destinations in this country."
The Company's CBS-affiliated television station, KTVT-TV in Dallas-Ft. Worth, is
a significant contributor to the Company's financial performance. "Dallas is the
number eight television market in the country, and it is one of the largest
markets for both country music and contemporary Christian music, both of which
are key elements of our Company," said London. "We will be looking for
opportunities to leverage off of our strength in the Dallas-Ft. Worth market to
enhance the long-term growth prospects for our music business."
The Company's country music roots go back to the founding of the home of country
music, and Grand Ole Opry, in 1925. "The Opry is the longest-running live radio
program in history, and membership is still coveted by many country music
performers, whether they be rising stars, superstars, or legends," said London.
"Our task is to keep the Opry strong and exciting, while adapting it to the
interests of the old and the new."
"Adapting our entertainment to fit the tastes of today's audience is something
we already do well. For example, we use songs from our Opryland Music Group, the
oldest country music song- publishing catalog in the country, in two musicals
produced by our own Opryland Productions group. One of these productions is
'Always, Patsy Cline,' which is having a successful run off-Broadway in New
York. The other, 'Los Highway,' the story of the short, tragic life of Hank
Williams, just completed a successful two-year run at our Ryman Auditorium in
downtown Nashville."
The Company retains full ownership of CMT International, which broadcasts
country music videos throughout much of the world. "CMT International, which is
actually three networks -- CMT Europe, CMT Asia-Pacific and CMT Latin America --
is providing valuable exposure to country music artists around the world today,
much like the Grand Ole Opry created awareness of country music and artists
across much of the U.S. years ago," said London.
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New Gaylord Entertainment
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The Company's tourism and other hospitality assets in Nashville will remain
valuable pieces of the entertainment mix. For example, the Wildhorse Saloon, a
dynamic restaurant and country music dance and performance hall in downtown
Nashville, is reviewing expansion opportunities in other major tourism cities.
The second Wildhorse Saloon is scheduled to open at Disney World in Orlando in
1998.
The Company has also formed a "family values"-oriented entertainment group which
is known as Idea Entertainment. Properties in this group include Word
Entertainment, the Company's contemporary Christian music record label with an
approximate 40% share of the U.S. market; Z Music Television, a U.S.-based cable
network currently featuring contemporary Christian music videos which the
Company manages and intends to acquire soon; and artist-management firm
Blanton/Harrell Entertainment.
"We believe that music, film, concerts, television shows and children's programs
with the right values will be heartily endorsed by great numbers of American
people," said London. "As the baby-boomers think about raising their children
and as we move toward the millennium, people are searching for entertainment
with values exemplified by the success of such programming as CBS' Touched by an
Angel. We plan to be a big part of that form of entertainment in the future."
The "new" Gaylord Entertainment Company will have a strong balance sheet, with
over $1 billion in assets, and will be traded on the New York Stock Exchange,
retaining the symbol "GET."