Tim McGraw Entertainment Holdings
January 2026 | Market Analysis & Precedent Transactions
Purpose: This analysis presents precedent transactions and public market comparables relevant to TMEH's $300M platform investment. Comparable categories include Nashville-based entertainment companies, artist-driven platforms, music catalogs, and immersive experience venues.
Owns ~70% controlling interest in Opry Entertainment Group (OEG), including Grand Ole Opry, Ryman Auditorium, WSM 650 AM, and Ole Red hospitality venues. Trades at 24.9x earnings, above industry average of 15.6x.
Source: Seeking Alpha, MacroTrends, Ryman HP Investor Relations (2024)
Opry Entertainment Group acquired Southern Entertainment, gaining control of Lovin' Life Music Fest (Charlotte), Carolina Country Music Fest (Myrtle Beach), Barefoot Country Music Fest (New Jersey), and Greenville Country Music Fest.
Source: Axios Nashville (January 2025)
2019: Scooter Braun's Ithaca Holdings acquired Scott Borchetta's Big Machine Records for $300M+ (backed by Carlyle Group). EBITDA-based analysis suggested $480-600M implied value at 12-15x multiples.
2021: HYBE (South Korea) acquired entire Ithaca Holdings for $1.05B, validating strategic premium for artist-driven platforms with global distribution potential.
Source: Billboard, Variety, Music Business Worldwide (2019-2021)
Blackstone acquired Hipgnosis Songs Fund at $1.31 per share, completing the deal after the fund's board initiated a strategic review. Portfolio includes catalogs from artists across Nashville's country ecosystem.
Source: Billboard (2024)
Average 2022-2024
Average 2022-2024
2024 Market Median
| Catalog Type | Multiple Range | Notes |
|---|---|---|
| Country Music (10+ years) | 14-18x revenue | Nashville ecosystem premium; streaming growth tailwinds |
| Pop/Hip-Hop (10+ years) | 15-20x revenue | Higher streaming velocity; broader global reach |
| Legacy Catalogs (1980s) | 18-25x revenue | ~20% CAGR in streaming cash flows 2022-2024 |
| Boom Period Peak (2019-2022) | 20-30x revenue | Low rates drove premium; now normalized |
Source: Citrin Cooperman Music Catalog Market Report, Billboard Pro (2024)
Full-service live events company (2015). Merged with Spectra in 2021. 26 total investments/acquisitions including arena developments globally. Partnered with Live Nation on multiple venue projects including the 15,000-seat Moody Center and São Paulo arena.
Source: PitchBook, Oak View Group (2024)
2023 Performance: Fee-bearing gross transaction value up 30% to ~$36B. Sponsorship revenue exceeded $1B (+13%). Artist investment exceeded $13B (+40%). Global attendance records set.
Acquisition Activity: 49 companies acquired through 2023, most recent: Face To Face Touring (Dec 2023). 31 investments total.
Source: Live Nation Entertainment Investor Relations, MarketScreener (2024)
Nashville-based Concord closed $1.8B ABS (2022), $500M (2023), and $800M (2024), enabling the $469M acquisition of Round Hill Music Royalty Fund. October 2024: raised $850M on existing ABS structure backed by Carrie Underwood, Genesis, Phil Collins, R.E.M., and Creed royalties.
Source: Billboard (2024)
On-demand audio, up from 113B in 2023
Total music industry distribution
| Metric | Comparable Range | TMEH Positioning |
|---|---|---|
| Nashville Platform Premium | Ryman trades at 24.9x vs. 15.6x industry | TMEH benefits from same Nashville premium dynamics |
| Artist IP Multiple | Country catalogs: 14-18x revenue | McGraw 30-year catalog + active touring supports premium |
| Live Events Growth | Live Nation: 30% GTV growth (2023) | MCR + Draft House target double-digit annual growth |
| Platform Value Creation | Big Machine: 3x appreciation (2019-2021) | TMEH targets 2-3x return over 5-7 year horizon |
| Institutional Capital Access | Concord: $5.1B ABS; OVG: Silver Lake | $300M platform investment unlocks similar access |
| Transaction | Value | Year | Multiple/Metric | TMEH Relevance |
|---|---|---|---|---|
| Ryman Hospitality (RHP) | $6.63B mkt cap | 2024 | 24.9x earnings | Nashville platform premium |
| Big Machine → HYBE | $1.05B | 2021 | 3x appreciation (2 yrs) | Artist platform upside |
| Hipgnosis → Blackstone | $1.584B | 2024 | ~16x revenue | Institutional catalog appetite |
| Round Hill → Concord | $469M | 2023 | ABS-enabled | Nashville financing sophistication |
| Oak View Group | $1.34B raised | 2021-24 | Silver Lake backed | Venue development model |
| PBR (Pro Bull Riders) | $1B+ | 2022 | Strategic sale | Western lifestyle events |
| Houston Rodeo (Annual) | $224M revenue | 2024 | 20-day event | MCR scale potential |