February 8, 2024
Leading Growth-Oriented Investment Firm to Support BMI’s Continued Plan to Accelerate Value for its Affiliates
(New York, NY - February 8, 2024) New Mountain Capital (“New Mountain”), a leading growth-oriented investment firm with over $45 billion in assets under management, announced today that it has completed its previously announced acquisition of Broadcast Music, Inc. (“BMI”), the world’s largest performing rights organization (“PRO”). The deal received the necessary shareholder and regulatory approvals required for closing.
“Our partnership with New Mountain charts an incredibly exciting new course for BMI and our songwriters, composers and publishers,” said Mike O’Neill, who will remain President & CEO of BMI. “New Mountain shares our vision to build value for our affiliates and invest in their future success. With their support, advanced level of innovation and resources, we are now in the best possible position to accelerate our growth plan and explore new opportunities to benefit our creative community.”
Pete Masucci, Managing Director at New Mountain, stated, “We are thrilled to officially begin our partnership with BMI. We believe in BMI’s mission and the music creators they represent, and we are looking forward to helping BMI build on their momentum to deliver maximum value to their affiliates.”
Mike Oshinsky, Director at New Mountain, added, “Mike O’Neill and his team have set a dynamic path forward for BMI. We are excited to help modernize the performing rights space and support BMI’s mission of serving songwriters, composers and publishers and growing their royalty distributions for the long-term.”
As part of the transaction, and in recognition of the creativity of the songwriters, composers and publishers they have had the privilege to represent, BMI’s former shareholders will be allocating $100 million of the proceeds of the sale to affiliates. The allocation of those funds is expected to be made this spring. While not a distribution of royalties, the allocation will be in keeping with BMI’s distribution methodologies, which are based on performance levels over a set period of time.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with over $45 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit http://nmcapdev.wpenginepowered.com.
About BMI
Celebrating over 80 years of service to songwriters, composers, music publishers and businesses, Broadcast Music, Inc.® (BMI®) is a global leader in music rights management, serving as an advocate for the value of music. BMI represents the public performance rights in over 22.4 million musical works created and owned by more than 1.4 million songwriters, composers, and music publishers. The Company negotiates music license agreements and distributes the fees it generates as royalties to its affiliated writers and publishers when their songs are performed in public. In 1939, BMI created a groundbreaking open-door policy becoming the only performing rights organization to welcome and represent the creators of blues, jazz, country, and American roots music. Today, the musical compositions in BMI’s repertoire, from chart toppers to perennial favorites, span all genres of music and are consistently among the most-performed hits of the year. For additional information and the latest BMI news, visit bmi.com, follow us on X and Instagram @BMI or stay connected through Broadcast Music, Inc.‘s Facebook page. Sign up for BMI’s The Weekly™ and receive our e-newsletter every week to stay up to date on all things music.
Media Contacts:
BMI
Liz Fischer
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New Mountain Capital
Josh Clarkson/Aiden Woglom/Anne Hart
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