NEW YORK (CelebrityAccess) — Broadcast Music Inc (BMI), the music rights, is reportedly once again exploring options for a sale.
According to Reuters, BMI is being advised by the investment bank Goldman Sachs, who also advised the company rumored negotiations for a potential sale in 2022.
BMI is weighing the potential sale after pivoting away from its non-profit model, where the majority of its profits were provided to artists, publishers, and other rightsholders. The model proved to be a sticking point during previous negotiations over a potential sale as potential suitors found it difficult to justify the reported $2bn price tag for the music rights company, Reuters reported.
BMI reported revenue of about $1.57 billion, but paid out approximately. $1.47 billion to rightsholders in 2022.
Spokespersons for both BMI and Goldman Sachs declined to comment on the potential sale to Reuters.