News of the reported sale of Broadcast Music Inc. to private equity firm New Mountain Capital that broke late Wednesday turned out to be merely industry rumors, at least for the time being. First reported by Billboard, the story created a frenzy with a story of a $1.7 billion price tag. That publication’s headline and story have since been changed.
This isn’t the first rumor around BMI being up for sale, coming after BMI’s shift from a not-for-profit to a for-profit entity last year, a move that sparked questions and concerns among songwriters and publishers. Last week, organizations including the Black Music Artists Coalition and Songwriters of North America penned a letter to BMI, expressing concerns over how the profit-driven approach might impact songwriter payments.
In response, BMI President Mike O’Neill has emphasized the company’s commitment to prioritizing the interests of songwriters, including their financial success. He cited upgrades to BMI’s services portal and other initiatives made possible by its new for-profit status.
Names have been flying around both Nashville and Wall Street like Apollo Global Management, Brookfield Asset Management, and RedBird Capital Partners as BMI appears to continue exploring its options for sale, but for the time being, no deal.
