Music Rights Giant BMI Cancels Plan for Billion-Dollar Sale
- Other music publishers have also failed to find buyers
- Market for song catalogs is cooling as interest rates rise
BMI represents the rights of thousands of songwriters including Rihanna.
Photographer: Kevin Mazur/Getty ImagesThis article is for subscribers only.
Broadcast Music Inc., which represents the rights of thousands of songwriters, including Ed Sheeran, Sam Smith and Rihanna, is no longer on the market.
A sale “is no longer an avenue we are considering,” the company said in a statement Friday, adding “we’ve been clear from the start that as we explored strategic opportunities for BMI, we were going to evaluate all options that would support our affiliates and grow the value of their music.”