Exciting Update on BMI & New Mountain Partnership

Originally published on Thursday, February 8, 2024

Dear BMI Affiliate,

I'm writing with very exciting news regarding the sale of BMI. It was announced today that the deal has closed, and BMI is now officially owned by New Mountain Capital. This marks an incredible new chapter that will provide us with tremendous opportunities to build greater value for you, our incomparable songwriters, composers and publishers, and ensure your long-term success.

I will continue to lead BMI, along with the company's senior leadership team, and as always, we remain guided by your best interests. As I've shared, New Mountain's motto is "building great businesses" and they believe in BMI's unwavering mission, which is to serve our creative community and grow the value of your music. With a new level of investment and technological expertise, we are now able to accelerate our growth plan to maximize your royalty distributions and improve the services we provide to you.

Our shared focus with New Mountain going forward is to execute our value creation plan, which has three core tenets:

• First, to continue to grow cash distributions for our songwriters, composers and publishers.
• Second, to invest in next-generation technology platforms and new service offerings that will improve royalty collections, enhance BMI's customer service, and deliver the best possible experience for our affiliates.
• Third, to add new revenue streams driven by organic growth investments and M&A opportunities, which will help create new potential for distribution income for our creative community.

On another note, I previously mentioned that as part of the sale, and in recognition of the creativity of the songwriters, composers and publishers they've had the privilege to represent, BMI's former shareholders will be allocating $100 million of the proceeds to our affiliates. We expect to allocate those funds this spring, and while it's not a distribution of royalties, it will be guided by BMI's distribution methodologies, which are based on performance levels over a set period of time.

This is an extremely promising time filled with great potential. Our industry is rapidly changing, and we now have incredible resources to explore new opportunities and better meet your evolving needs. I believe our partnership with New Mountain places us in the strongest possible position to benefit our creative community long into the future.

With all this dynamic and positive momentum, please know that our company DNA remains unchanged. We will always welcome all music creators through our open-door policy, champion your career at every stage, advocate for your rights, and fight for the highest compensation for your phenomenal creative work. You are the heart and soul of BMI. It's our privilege to represent each of you and we're looking forward to embarking on this exciting new chapter together.

Thank you,

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