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Private Equity, New Mountain Capital Finalizes BMI Acquisition
NEW MOUNTAIN CAPITAL, a private equity firm with over $45 billion in assets, has completed its acquisition of BROADCAST MUSIC, INC. (BMI), the world’s largest performing rights organization. The transaction, initially announced earlier this year, has all required shareholder and regulatory approvals.
To honor the contributions of songwriters, composers, and publishers, BMI’s former shareholders will allocate $100 million from the sale proceeds to affiliates. This allocation, following BMI’s established distribution methods, is expected to be completed by SPRING 2025.
BMI Pres./CEO MIKE O’ NEIL said, “Our partnership with NEW MOUNTAIN charts an incredibly exciting new course for BMI and our songwriters, composers, and publishers. NEW MOUNTAIN shares our vision to build value for our affiliates and invest in their future success. With their support, advanced innovation, and resources, we are now in the best possible position to accelerate our growth plan and explore new opportunities to benefit our creative community.”
NEW MOUNTAIN CAPITAL Managing Dir. PETE MASUCCI added, “We are thrilled to officially begin our partnership with BMI. We believe in BMI’s mission and the music creators they represent, and we are looking forward to helping BMI build on their momentum to deliver maximum value to their affiliates.”
NEW MOUNTAIN Dir. MIKE OSHINSKY commented, “MIKE O’NEILL and his team have set a dynamic path forward for BMI. We are excited to help modernize the performing rights space and support BMI’s mission of serving songwriters, composers, and publishers while growing their royalty distributions for the long term.”