iHeartMedia to receive $100M of proceeds related to equity interest in BMI

iHeartMedia announced that in connection with the previously announced acquisition of Broadcast Music, or BMI, to a shareholder group led by New Mountain Capital, it expects to receive approximately $100M of proceeds related to its equity interest in BMI, subject to approval of the transaction by BMI shareholders and customary regulatory approvals. The company 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.