Performance Rights Giant BMI Sells To New Mountain Capital

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by Radio Ink

 

 

 

November 22, 2023

After months of rumors, BMI has confirmed it is being acquired by investment firm New Mountain Capital, LLC. Mike O’Neill will sustain his leadership role as BMI’s President & CEO post-sale. No price has been confirmed, but earlier valuations this year sat well north of $1 billion.

As outlined in their acquisition plan, New Mountain, which manages more than $45 billion in assets, will not only purchase BMI, but also allocate additional capital toward the performing rights organization’s growth, technology, and new long-term ventures. CapitalG will also partake with a passive minority investment in BMI.

Despite the change in ownership, BMI’s payout targets remain consistent with previous communications, following the same strategy as in 2023, which yielded an 11% growth in cash distributions over 2022. The growth investment strategy under New Mountain’s guidance focuses on increasing cash distributions, investing in cutting-edge technology, enhancing customer service, and exploring new revenue streams through organic growth and acquisitions.

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