BMI, the exclusive music rights giant, is reportedly in talks to sell itself once again, according to sources.

By Milana Vinn and Anirban Sen

NEW YORK (Reuters) – ⁣Broadcast Music Inc (BMI), the music rights company representing top songwriters ⁣such as Lady Gaga, ‍Taylor Swift and Rihanna, is once again exploring ⁢options⁤ including a ​sale after it ditched its non-profit model,​ people familiar with the matter ⁤said. ‍

BMI has turned to Goldman Sachs Group, the investment bank that also advised it on deal discussions last year, for guidance as it fields interest from potential ⁣acquirers, including private equity firms, the sources said, cautioning that the company may still decide not to sell itself.

The company also explored a⁣ sale last year ⁣when it was run as a non-profit and handed​ the vast majority of its profits to music artists and their publishers.

For interested parties who submitted offers last year, the fact that BMI did not keep more money ​for itself made it more difficult⁣ to justify the ​price ⁢tag of more than $2 billion that the company was⁤ seeking, the⁤ sources said.

BMI reported revenue of about $1.57 billion for the fiscal year that ended on⁤ June 30, ​2022, and paid out about $1.47 billion to its songwriters, composers and publishers, according to its last annual report.

The company generates about $145 million in 12-month earnings before interest, taxes, depreciation and⁢ amortization, according to the sources.

The sources ‍asked ​not to be identified because the matter is confidential. Spokespeople for BMI, which is controlled by several TV networks and radio broadcasters, and Goldman⁣ Sachs declined to comment.

In a memo to employees last year,

BMI ​Chief ⁤Executive Mike‌ O’Neill

said it was important for the company to be more commercial going forward.

Since switching to a for-profit model, BMI has ⁢been investing the money it earns to accelerate growth in its business. For‌ example, it has invested in upgrading technology, launching new offerings, while also setting⁣ aside money for partnerships⁣ and acquisitions. ‍

Created in 1939, BMI represents the public performance rights in more than ⁤20 million musical works created and ⁢owned by more than 1.3‍ million songwriters, composers, and music publishers. The songs are licensed to digital streaming services, radio and television stations and other music users.

Under an 82-year-old consent decree with the U.S. Justice Department, BMI ⁢is required to license to anyone upon request, with pricing disputes settled by a ​judge. The Justice Department undertook a review of ‌its consent decree with BMI, as well as the American Society of Composers, Authors and Publishers (ASCAP), four years ago, but decided to leave⁤ the arrangements in place.

BMI and ASCAP jointly account for more than 90% of the music licensing ‍market.⁣

While the predictable⁣ royalties generated by these ⁤companies make them attractive ⁣to private ‌equity firms, buyout negotiations for ‌them have been fraught. Michigan’s retirement ‍system explored⁢ a⁣ sale of its majority stake in Concord Music Royalties⁣ last year, but could not ⁢fetch the $6 billion valuation⁤ it was seeking.‍

(Reporting ​by Milana Vinn and Anirban Sen in New York;⁤ Editing by Nick Zieminski ‌and Sonali Paul)

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