New Mountain Closes On BMI
Reve-News: New Mountain Capital has completed its acquistion of Broadcast Music, Inc. (BMI), which was announced in November (CAT 11/21), after receiving necessary shareholder and regulatory approvals. “We are thrilled to officially begin our partnership with BMI," says New Mountain Managing Dir. Pete Masucci. "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.” As part of the acquisition, $100 million of the proceeds have been allocated to affilliates by former BMI shareholders.