Big Law

Music Rights Giant BMI Is Reportedly in Renewed Talks to Sell Itself

Broadcast Music Inc (BMI), the music rights company representing top songwriters such as Lady Gaga, Taylor Swift and Rihanna, is once again exploring options including a sale after it moved away from its non-profit model, people familiar with the matter said.

BMI has turned to Goldman Sachs Group, the investment bank that also advised it on deal discussions last year, for guidance as it fields interest from potential acquirers, including private equity firms, the sources said.

The company also explored a sale last year when it was run as a non-profit and handed the vast majority of its profits to music artists and their publishers. The fact that BMI did not keep more money for itself made it difficult for interested parties to justify the price tag of more than $2 billion that the company was seeking, the sources said.

Read the source article at Reuters

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