NEW YORK: Broadcast Music Inc , the music rights company representing top songwriters such as Lady Gaga, Taylor Swift and Rihanna, is once again exploring options including a sale after it moved away from its non-profit model, people familiar with the matter said.
The company also explored a sale last year when it was run as a non-profit and handed the vast majority of its profits to music artists and their publishers. The fact that BMI did not keep more money for itself made it difficult for interested parties to justify the price tag of more than US$2 billion that the company was seeking, the sources said.
BMI generates about US$145 million in 12-month earnings before interest, taxes, depreciation and amortization, according to the sources.
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