Investment group to buy BMI.

Broadcast Music Inc. (BMI) is set to be acquired by an investment group led by New Mountain Capital. The deal, expected to close by the end of the first quarter of 2024, follows BMI’s recent shift to a for-profit business model. BMI President & CEO Mike O’Neill and the existing management team will stay on board. The acquisition includes additional funding for growth investments, technology enhancements, and new ventures to support BMI’s plan to maximize distributions for affiliates and enhance services for songwriters, composers, and publishers. While specific terms were undisclosed, BMI’s current shareholders plan to allocate $100 million from the sale proceeds to its represented songwriters, composers, and publishers, following consistent distribution methodologies. New Mountain anticipates new revenue streams through organic growth investments, licensing royalty collection improvements, international partnerships, and expanded services. The transaction is subject to approval by BMI shareholders and regulatory clearance.