iHeartMedia files an 8-K Form with the Securities and Exchange Commission announcing that the
previously announced acquisition of Broadcast Music, Inc. (“BMI”) to a shareholder group led by New Mountain Capital, LLC has closed, and the company has received $101.4 million of proceeds related to its equity interest in BMI. iHeartMedia says it plans to use the proceeds for general corporate purposes, which may include the repayment of debt.
iHeartMedia, Inc announces that in connection with the previously announced acquisition of Broadcast Music, Inc (BMI) to a shareholder group led by 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.