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New Mountain Capital Completes Acquisition of BMI


Broadcast Music Inc. (BMI)
Broadcast Music Inc. (BMI)

Investment firm New Mountain Capital has completed its previously announced acquisition of Broadcast Music Inc. (BMI), the world's largest performing rights organization. The deal received the necessary shareholder and regulatory approvals required for closing. As part of the transaction, BMI's former shareholders will be allocating $100 million of the proceeds of the sale to affiliates. The allocation is expected to be made this spring.

"Our partnership with New Mountain charts an incredibly exciting new course for BMI and our songwriters, composers and publishers," said Mike O'Neill, who will remain President & CEO of BMI. "New Mountain shares our vision to build value for our affiliates and invest in their future success. With their support, advanced level of 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 Managing Director Pete Masucci stated, "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 Director Mike Oshinsky added, "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 and growing their royalty distributions for the long-term."

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.

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