New Mountain Capital, L.L.C. and CapitalG Management Company, LLC completed the acquisition of unknown majority stake in Broadcast Music, Inc. from Gray Television, Inc. for approximately $110 million.
February 07, 2024
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New Mountain Capital, L.L.C. and CapitalG Management Company, LLC agreed to acquire unknown majority stake in Broadcast Music, Inc. from Gray Television, Inc. (NYSE:GTN) for approximately $100 million on November 21, 2023. BMI?s current shareholders will allocate $100 million of the proceeds of the sale to affiliates shortly after the transaction closing. The transaction is subject to approval by BMI shareholders and customary regulatory approvals and is expected to close by the end of Q1 2024. Gray Television intend to use the proceeds for general corporate purposes, which may include the repayment of debt.
Goldman Sachs & Co. LLC served as financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to Broadcast Music, Inc. Moelis & Company served as financial advisor to New Mountain, and Elizabeth Cooper, Johanna Mayer, Chris Brown, Benjamin Persina, Gregory Grogan, Peter Guryan, Antonio Bavasso, Richard Jamgochian, Andrew Purcell, Lori Lesser, Mick Tuesley, Mark Skerry, Dennis Loiacono, Toby Chun, and Deepa Sarkar of Simpson Thacher & Bartlett, LLP served as its legal advisor.
New Mountain Capital, L.L.C. and CapitalG Management Company, LLC completed the acquisition of unknown majority stake in Broadcast Music, Inc. from Gray Television, Inc. (NYSE:GTN) for approximately $110 million February 8, 2024 The transaction received the necessary shareholder and regulatory approvals required for closing. Mike O?Neill, who will remain President & CEO of Broadcast Music. Gillian Moldowan and Scott Petepiece of Shearman & Sterling LLP acted as legal advisor to Broadcast Music, Inc.
Gray Television, Inc. is a multimedia company that owns local television stations and digital assets in the United States. The Company operates through two segments: broadcasting and production companies. The broadcasting segment operates television stations in local markets in the United States. The production companies segment includes the production of television and event content. It serves approximately 113 television markets in the United States. Its portfolio includes approximately 79 markets with the top-rated television station and 102 markets with the first and/or second rated television station. It also owns video program companies Raycom Sports, Tupelo Media Group, PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios. Its network affiliations include the Big Four networks and many smaller networks. Its stations also provide content through digital platforms, including a local station Website and one or more digital apps.
New Mountain Capital, L.L.C. and CapitalG Management Company, LLC completed the acquisition of unknown majority stake in Broadcast Music, Inc. from Gray Television, Inc. for approximately $110 million.
GRAY TELEVISION, INC. 
