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.
The sale is 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.
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