Gaylord to sell FM radio stations for $65 million

Gaylord Entertainment Co. (GET) is selling WSM-FM (95.5) and WWTN-FM (99.7) radio stations for $65 million, the company announced Tuesday morning. Proceeds from the sales to Cumulus Media will be used to complete construction of the company's resort and convention center in Texas, to fund the renovation of the Grand Ole Opry House and other growth initiatives.

Gaylord will retain WSM-AM, but Cumulus will become responsible for managing its advertising sales. Cumulus, which will own five Nashville-area stations and has 42 country-format stations across the country, has agreed to carry nationally Westwood One's Grand Ole Opry Weekend, a two-hour weekly radio program featuring the local country music venue.