BMI Reportedly in Talks to Sell to Private Equity Firm for $1.7 Billion

Following news that BMI was putting itself on the market once again, it's now being reported that the company is in talks to sell to private equity firm New Mountain Capital for $1.7 billion.

Done deal? Sources told Billboard that the deal has yet to be signed and New Mountain Capital has entered into an exclusive window to take a closer look. New Mountain Capital has been looking at music assets over the past few years and currently has $40 billion in assets under management in industries including software, business services, logistics and more.

News of a potential sale for BMI first broke in July, around nine months after BMI switched to a for-profit business model and after it originally planned to sell last year. In its first year for-profit, BMI claims $145 million in earnings before interest, taxes, depreciation and amortization.

Up for sale: At the time, BMI CEO Mike O’Neill confirmed in a letter to staff that BMI was engaging in discussions with outside parties, explaining that "the success of our business model change and our commitment to investing in BMI to grow the value of our affiliates’ music has only intensified outside interest."

"It’s an exciting time for BMI and we’re in a strong position for our future," he concluded. "And the most important thing for us to do is keep focus and continue the great work that makes BMI the best PRO in the business. The future is filled with potential and there is no better team to tackle the numerous opportunities that lie ahead for our company and our affiliates."