Nashville, Tenn. (wsmv) – on Tuesday, Broadcast Tune, Inc. (BMI) introduced they will be obtained using New Mountain Capital, LLC (new mountain).
The modern Bmi president and CEO, Mike O’Neill, will continue to lead the business enterprise, alongside his management after it’s sold.
As part of an agreement among the two groups, BMI stated contemporary shareholders would deliver $100 million of the proceeds of the sale to associates after the transaction.
“the allocation of those finances, whilst now not a distribution of royalties, may be in step with the employer’s distribution methodologies, which might be based totally on overall performance tiers over a set period,” Bmi stated in a release.
Within the coming months, BMI stated they will paintings to finalize a payout plan for the allocation.
“these days mark an exciting new chapter for BMI that places us within the first-rate possible position to stay ahead of the evolving industry and ensure the long-term success of our music creators. New Mountain is an ideal partner due to the fact they accept it as true within our venture and remember that the key to achievement for our business enterprise lies in delivering the price to our associates. We’re enthusiastic about the many methods New Mountain will boost up our boom plan, bringing new imaginative and prescient, technological understanding and a top-notch music record of strengthening agencies, all of as a way to help us build a good more potent future for BMI and our songwriters, composers, and publishers.”
Bmi president & CEO, Mike O’Neill
Bmi stated New Mountain’s funding will now not exchange the distribution targets. Bmi stated it might be the same technique they accompanied in 2023.
“There’s an amazing possibility to modernize this important part of track infrastructure and make certain that long-term royalty collections for songwriters, composers, and publishers continue to grow. With our support, BMI is ideally positioned to force this transformation because the most effective pro within the world is to mix an open-door policy to all music creators with the innovation and business power of a for-earnings business.”
