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iHeartMedia Made $101 Million From BMI Sale to New Mountain Capital
iHeartMedia made $101 million from the BMI sale to New Mountain Capital. The radio giant held a minority stake in the PRO.
iHeartMedia received $101.4 million from the sale of BMI, in which it held a minority stake, to New Mountain Capital, the company announced Monday (Feb. 12) through an SEC filing. Its ownership stake was “a little under 10%” and goes back to the creation of BMI, said iHeartMedia president/COO Rich Bressler on Nov. 29 at the Wells Fargo 7th Annual TMT Conference. BMI, which will continue to license its songwriting catalog to iHeartMedia, was founded as a non-profit organization and transitioned to a for-profit model in 2022 to help fund growth-oriented investments, president/CEO Mike O’Neill wrote in a note to employees at the time.
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