: Performing rights organization BMI being sold to New Mountain Capital
Broadcast Music Inc. (BMI), the largest performing-rights organization in the world, has agreed to be acquired by New Mountain Capital for an undisclosed sum. Affiliates of BMI will receive $100 million of sale proceeds, the company said. BMI Chief Executive Mike O’Neill will continue to lead the company. “We are excited about the many ways New Mountain will accelerate our growth plan,” O’Neill said in a statement. The deal, which was announced Tuesday, is expected to close by March 30. Goldman Sachs & Co. LLC was BMI’s financial adviser on the deal, while Moelis & Co. advised New Mountain.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.