iHeartMedia 's stock rises as company sets gain from BMI sale
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Dow Jones
iHeartMedia Inc.'s stock (IHRT) rose 4% in premarket trading on Monday after the media company said it would book a $100 million in proceeds for its equity interest in Broadcast Music Inc. (BMI) as part of the sale of BMI to a shareholder group led by New Mountain Capital LLC. iHeart Media plans to use the money to pay down debt and other general corporate purposes after the deal closes by March 30. New Mountain Capital announced its plan to buy the music rights company BMI on Friday.
-Steve Gelsi
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11-27-23 0907ET
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