US firm Broadcast Music Inc (BMI) had been exploring a sale of the company for somewhere between $1.5bn and $3bn, but now those plans are off according to Bloomberg.
It has a statement from BMI to confirm the news, saying that a sale “is no longer an avenue we are considering… we’ve been clear from the start that as we explored strategic opportunities for BMI, we were going to evaluate all options that would support our affiliates and grow the value of their music.” BMI had been exploring those opportunities by hiring Goldman Sachs, reflecting the serious nature of its intent.
As the article notes, this is not the only potential sale of a music company that has stalled in recent times: Concord, Round Hill and others have also struggled to drum up offers that met their hoped-for valuations.
The wider context: a potential slowdown in the boom market for music rights and music companies. Suitors are still out there – Bloomberg suggests that BMI received “a few offers from interested parties, including private equity firms and technology providers” – but the market is not quite as heated it was last year.
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