The windfall will help pay down debt for the radio giant, which held a minority stake in the PRO.
The question isn’t so much about whether this will be good for creators — but, rather, which ones.
President and CEO Mike O'Neill will continue to lead the PRO.
The Billboard Global Music Index dropped 0.2% to 1,449.08, bringing its year-to-date gain to 24.1%.
Six questions for any BMI member concerned about the pending sale.
The performance rights organization said its new-model goal is to distribute 85% of the licensing revenue it collects to songwriters and publishers.
While there's plenty of consternation around BMI's turn to a for-profit model and plans to sell, some in the business are recommending a wait-and-see approach.
"The global song rights market is changing rapidly."
After Billboard reported that BMI may sell, ASCAP began posting on social media, highlighting its distinctions from its competitor.
In a letter to BMI CEO and president Mike O'Neill, songwriter groups ask for "real, substantive answers" about how its new business moves will affect signees.
