BMI, a prominent music licensing agency responsible for distributing royalties, has been sold to private equity firm New Mountain Capital. While the exact price remains undisclosed, estimates suggest it could be up to $1.7 billion. The agreement is pending shareholder and regulatory approval, expected to be finalized by late March 2024. New Mountain Capital, known for its involvement in advising investment firms on music catalog opportunities, will take ownership.
Over a year ago, BMI announced a shift to a for-profit model, causing industry concern. BMI, along with ASCAP, holds significant control over distributing royalties to songwriters and rights owners from radio play, streams, and purchases.
BMI’s President and CEO, Michael O’Neill, expressed enthusiasm about the partnership with New Mountain, citing their shared belief in BMI’s mission and their potential to accelerate growth through technological expertise. The deal follows another significant music industry development, with Songtradr acquiring Bandcamp from Epic Games last month.
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