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iHeartMedia, Inc. (IHRT) expects to receive approximately $100M in proceeds from the acquisition of Broadcast Music, Inc. (BMI) by a shareholder group led by New Mountain Capital, LLC. The company plans to use the funds for general corporate purposes, including debt repayment. The transaction is subject to approval by BMI shareholders and regulatory approvals, with an expected closing by the end of Q1 2024.
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NEW YORK--(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.
Mike McGuinness
EVP, Deputy CFO and Head of Investor Relations
(212) 915-0607
mbm@iheartmedia.com
Source: iHeartMedia, Inc.
FAQ
What is the expected proceeds iHeartMedia, Inc. (IHRT) will receive from the acquisition of Broadcast Music, Inc. (BMI)?
iHeartMedia, Inc. (IHRT) expects to receive approximately $100M in proceeds from the acquisition of Broadcast Music, Inc. (BMI) by a shareholder group led by New Mountain Capital, LLC.
How does iHeartMedia, Inc. (IHRT) plan to use the proceeds from the acquisition of Broadcast Music, Inc. (BMI)?
The company plans to use the funds for general corporate purposes, which may include the repayment of debt.
When is the expected closing date of the acquisition of Broadcast Music, Inc. (BMI) by iHeartMedia, Inc. (IHRT)?
The transaction is expected to close by the end of Q1 2024, subject to approval by BMI shareholders and customary regulatory approvals.
with 245 million monthly listeners in the u.s., 87 million monthly digital uniques, over 75 million social followers and 196 million monthly consumers of its total traffic and weather network, iheartmedia has the largest reach of any radio or television outlet in america. it serves over 150 markets through 858 owned radio stations, and the company’s radio stations and content can be heard on am/fm, hd digital radio, satellite radio, on the internet at iheartradio.com and on the company’s radio station websites, on the iheartradio mobile app, in enhanced auto dashes, on tablets and smartphones, and on gaming consoles. iheartradio, iheartmedia’s digital radio platform, is the no. 1 all-in-one digital audio service with over 700 million downloads; it reached its first 20 million registered users faster than any digital service in internet history and reached 70 million users faster than any other radio or digital music service and even faster than facebook. the company’s operations incl