A report in Billboard says BMI has hired Goldman Sachs to advise the company on how to move forward, which could include being sold. The report says other options include a refinance or a merger with another company.
Billboard quotes a staff e-mail from CEO Michael O’Neill which says, “While it’s too early to speculate on what might happen, we’re looking at all our options as long as they advance this mission, which is to explore growth for our members, songwriters, composers and publishers, which has always been our top priority.”
BMI collected nearly $1.5 billion in 2020. The majority of that money is paid out to its members. The Performance Rights Organization operates under a consent decree which guides the company on how to set rates.
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