BMI, the giant music licensing agency that represents hundreds of thousands of songwriters, including Taylor Swift, Dolly Parton, Kendrick Lamar and Lady Gaga, has agreed to sell itself to New Mountain Capital, a private equity firm, the organization announced on Tuesday. BMI, along with its archrival ASCAP, is one of the major performing rights organizations in the United States. Terms of the deal between BMI and New Mountain were not disclosed. In its announcement, BMI, whose full name is Broadcast Music Inc., said that the sale is subject to approval by its shareholders and “customary” regulatory review, and that it expects the deal to close in the first quarter of 2024. According to the announcement, CapitalG, a fund affiliated with Alphabet, the parent company of Google, is also acquiring a minority stake in BMI.

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Persons: Taylor Swift, Dolly Parton, Kendrick Lamar, Lady Gaga Organizations: BMI, archrival ASCAP, Inc, Google Locations: United States