iHeartMedia, Inc. Announces $100 Million In Proceeds Expected from New Mountain Capital’s Acquisition of Broadcast Music, Inc.
November 27 2023 - 8:00AM
Business Wire
iHeartMedia, Inc. (“iHeart”) announced today 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 $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.
About iHeartMedia, Inc. iHeartMedia, Inc. (Nasdaq:
IHRT) is the leading audio media company in America, reaching over
250 million people each month. It is number one in both broadcast
and digital streaming radio as well as podcasting and audio ad
tech, and includes three business segments: The iHeartMedia
Multiplatform Group; the iHeartMedia Digital Audio Group; and the
Audio and Media Services Group. Visit iHeartMedia.com for more
company information.
This release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements with respect to the sale of BMI and the
Company’s associated interest. Such statements are subject to
various risks and uncertainties. Factors that could cause actual
results to differ include but are not limited to: the risk that BMI
and New Mountain Capital, LLC may be unable to obtain any necessary
regulatory approvals for the transaction or that required
regulatory approvals may delay the transaction and the risk that
any conditions to the closing of any of the transaction may not be
satisfied. Other risk factors are detailed from time to time in
iHeart's quarterly reports on Form 10-Q and most recent annual
report on Form 10-K filed with the Securities and Exchange
Commission. These forward-looking statements speak only as of the
date of this press release. iHeart assumes no obligation to provide
any revisions to, or update, any projections and forward-looking
statements contained in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20231127936049/en/
Wendy Goldberg Chief Communications Officer (212) 377-1105
WendyGoldberg@iheartmedia.com
Mike McGuinness EVP, Deputy CFO and Head of Investor Relations
(212) 915-0607 mbm@iheartmedia.com
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