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.
