iHeartMedia, Inc. Announces $100M In Proceeds Expected From New Mountain Capital's Acquisition Of Broadcast Music, Inc.
Portfolio Pulse from Benzinga Newsdesk
iHeartMedia, Inc. expects to receive approximately $100M from the sale of Broadcast Music, Inc. to a group led by New Mountain Capital, LLC. The proceeds from iHeartMedia's equity interest in BMI will be used for general corporate purposes, potentially including debt repayment. The sale is subject to BMI shareholder and regulatory approvals and is expected to close by the end of Q1 2024.
November 27, 2023 | 1:11 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
iHeartMedia, Inc. is set to receive $100M from the sale of its equity interest in BMI, with plans to use the funds for corporate purposes and potentially to pay off debt.
The news of iHeartMedia receiving $100M from the sale of BMI is likely to be viewed positively by investors, as it provides additional liquidity and the potential to reduce debt. The positive impact on the stock price is based on the assumption that the market will react favorably to the company's improved financial position and the potential for debt repayment, which can lead to lower interest expenses and improved financial stability.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100