New Mountain Capital will lead a shareholder group to acquire Broadcast Music Inc., the world\u2019s largest performing rights organization. Headquartered in New York, BMI protects the rights of and advocates for more than 1.4 million songwriters, composers and music publishers. BMI secures royalties for its affiliates by offering licenses to businesses for the performing rights in 22.4 million musical works. BMI President & CEO Mike O\u2019Neill will continue to lead the company, along with his leadership team, following the closing.<\/p>\n
New Mountain will acquire the company from the shareholders who own BMI today. The company has also reserved additional capital to fund growth investments, new ventures and technology enhancements to help accelerate BMI\u2019s long-term plan to maximize distributions for its affiliates and improve the service it provides to songwriters, composers and publishers.<\/p>\n
As part of the agreement, BMI\u2019s current shareholders will allocate $100 million of the proceeds of the sale to affiliates shortly after the transaction closing. The allocation of those funds, while not a distribution of royalties, will be in keeping with the company\u2019s distribution methodologies, which are based on performance levels over a set period of time. BMI will work to finalize an equitable payout plan for this allocation in the coming months.<\/p>\n
\u201cToday marks an exciting new chapter for BMI that puts us in the best possible position to stay ahead of the evolving industry and ensure the long-term success of our music creators,\u201d said O\u2019Neill. \u201cNew Mountain is an ideal partner because they believe in our mission and understand that the key to success for our company lies in delivering value to our affiliates. We are excited about the many ways New Mountain will accelerate our growth plan, bringing new vision, technological expertise and an outstanding track record of strengthening businesses, all of which will help us build an even stronger future for BMI and our songwriters, composers and publishers.\u201d<\/p>\n
\u201cBMI has been a trusted guide and champion of music creators from the beginning, and we are privileged to work with the company and its 1.4 million affiliates to build on that incredible legacy,\u201d said New Mountain Managing Director Pete Masucci. \u201cThere are numerous growth opportunities ahead for BMI with significant potential to generate more value for the work of its songwriters, composers and publishers. We look forward to working together alongside Mike and his team to capitalize on those opportunities for the benefit of all BMI stakeholders.\u201d<\/p>\n
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New Mountain Capital will lead a shareholder group to acquire Broadcast Music Inc., the world\u2019s largest performing rights organization. Headquartered in New York, BMI protects the rights of and advocates for more than 1.4 million songwriters, composers and music publishers. BMI secures royalties for its affiliates by offering licenses to businesses for the performing rights […]<\/p>\n","protected":false},"author":2,"featured_media":57788,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[4656],"class_list":["post-57786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-radio-news","tag-radio-news","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n