Music

BMI CEO Confirms Outside Acquisition Talks

BMI CEO Confirms Outside Acquisition Talks

Following rumors that Broadcast Music Inc. (BMI) was in talks to promote itself once more, now we have affirmation from BMI CEO Mike O’Neill.

Digital Music Information reported yesterday that the corporate enlisted Goldman Sachs Group to assist advise on potential gross sales talks. Now DMN has obtained an open letter despatched to BMI workers regarding these talks.

“You might have seen a number of press articles right this moment speculating that BMI is contemplating a sale. I’m reaching out as a result of I would like you to listen to the background immediately from me,” the letter begins.

“We introduced a 12 months in the past that we have been now not contemplating a sale of our firm, and never surprisingly, curiosity in BMI has continued since then. You could recall this was one of many choices on the desk once we have been evaluating strategic alternatives to finest place BMI for the long run. Since then, the success of our enterprise mannequin change and our dedication to investing in BMI to develop the worth of our associates’ music has solely intensified outdoors curiosity.”

“Delivering for our associates is all the time our high precedence, and now we have a duty to have interaction in discussions with outdoors events in the event that they may also help additional that mission,” O’Neill writes in his open letter to BMI workers addressing the acquisition rumors.

“That’s precisely what we’re doing proper now, and no closing selections have been made. By its very nature, hypothesis can typically include mischaracterizations and inaccurate data. Please don’t be distracted by this and relaxation assured that I’ll replace you immediately on any new developments.”

“It’s an thrilling time for BMI and we’re in a powerful place for our future. And a very powerful factor for us to do is hold focus and proceed the good work that makes BMI the most effective PRO within the enterprise. The longer term is crammed with potential and there’s no higher crew to sort out the quite a few alternatives that lie forward for our firm and our associates.”

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