SAN ANTONIO (CelebrityAccess) — iHeartMedia, Inc. announced that it expects to realize approximately $100 million from its equity interest in BMI after the performance rights collection society announced it will be acquired by a shareholder group led by New Mountain Capital, LLC.
The BMI deal, which still requires regulatory approval, is expected to close at the end of the first quarter of 2024.
According to iHeartMedia, the broadcaster said it intends to use the proceeds for corporate purposes, including the repayment of outstanding debt.
iHeartMedia operates three business segments: The iHeartMedia Multiplatform Group; the iHeartMedia Digital Audio Group; and the Audio and Media Services Group. The company operates radio stations across the U.S. as well as streaming platforms, a podcasting network, and audio ad tech.
BMI has not revealed the size of the bid to acquire the company but sources have reported that the deal is valued at around $1.7 billion.
