Following rumors that Broadcast Music Inc. (BMI) was in talks to sell itself again, we have confirmation from BMI CEO Mike O’Neill.
Digital Music News reported yesterday that the company enlisted Goldman Sachs Group to help advise on potential sales talks. Now DMN has obtained an open letter sent to BMI staff concerning those talks.
“You may have noticed a few press articles today speculating that BMI is considering a sale. I’m reaching out because I want you to hear the background directly from me,” the letter begins.
“We announced a year ago that we were no longer considering a sale of our company, and not surprisingly, interest in BMI has continued since then. You may recall this was one of the options on the table when we were evaluating strategic opportunities to best position BMI for the future. Since then, the success of our business model change and our commitment to investing in BMI to grow the value of our affiliates’ music has only intensified outside interest.”
“Delivering for our affiliates is always our top priority, and we have a responsibility to engage in discussions with outside parties if they can help further that mission,” O’Neill writes in his open letter to BMI staff addressing the acquisition rumors.
“That is exactly what we are doing right now, and no final decisions have been made. By its very nature, speculation can often contain mischaracterizations and inaccurate information. Please don’t be distracted by this and rest assured that I will update you directly on any new developments.”
“It’s an exciting time for BMI and we’re in a strong position for our future. And the most important thing for us to do is keep focus and continue the great work that makes BMI the best PRO in the business. The future is filled with potential and there is no better team to tackle the numerous opportunities that lie ahead for our company and our affiliates.”
