Published
Thu, Nov 23, 2023, 09:00
- The music giant represents more than one million artists.
Performance rights organisation Broadcast Music Inc. (AKA BMI) is being purchased by private equity firm New Mountain Capital.
New Mountain Capital announced the sale, which is expected to close at the start of next year, earlier today, November 23rd. The firm said that it will help BMI invest in new technology platforms and add new revenue streams, among other things.
"Today 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," said BMI president and CEO Mike O'Neill. "We're 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." O'Neill and his leadership will stay at BMI after the deal is closed.
BMI represents songwriters, composers and publishers, boasting a database of 1.4 million artists. DJs and producers also use the licensing company to get paid when their original tracks are played in live sets, radio shows, online streaming and in retail settings.