iHeart To Gain $100 Mil From BMI Sale

• iHeartMedia, Inc. announced that in connection with the recently announced acquisition of Broadcast Music, Inc. (BMI) by a shareholder group led by investment firm New Mountain Capital, LLC, it expects to receive approximately $100 million of proceeds related to its equity interest in BMI, subject to approval of the transaction by BMI shareholders and customary regulatory approvals.

iHeartMedia says it plans to use the proceeds for general corporate purposes, which may include the repayment of debt. The transaction is expected to close by the end of Q1 2024.