Music News (11/22/23)

New Mountain Capital To Lead A Shareholder Group To Acquire BMI

New Mountain Capital, LLC, a leading growth-oriented investment firm with over $45 billion in assets under management, will lead a shareholder group to acquire Broadcast Music, Inc. (BMI).

New Mountain will acquire the company from the shareholders who own BMI today. Mike O’Neill, BMI’s President & CEO, will continue to lead the company, along with his leadership team, following the closing. New Mountain has also reserved additional capital to fund growth investments, new ventures and technology enhancements to help accelerate BMI’s long-term plan to maximize distributions for its affiliates and improve the service it provides to songwriters, composers and publishers.

As part of the agreement, BMI’s current shareholders will allocate $100 million of the proceeds of the sale to affiliates shortly after the transaction closing. The allocation of those funds, while not a distribution of royalties, will be in keeping with the company’s distribution methodologies, which are based on performance levels over a set period of time. BMI will work to finalize an equitable payout plan for this allocation in the coming months.

Dean Dillon, Hillary Lindsey Among 2024 Songwriters Hall Of Fame Nominees For Induction

Dean Dillon & Hillary Lindsey

The Songwriters Hall of Fame (SHOF) has revealed the slate of nominees to be voted upon for induction at its 2024 Induction & Awards Gala in New York City. Among those nominees are Dean Dillon and Hillary Lindsey.

A songwriter with a notable catalog of songs qualifies for induction 20 years after the first significant commercial release of a song. Three nominees from the Songwriter category and three from the Performing Songwriter category will be chosen to be inducted by eligible voting members of the SHOF. Voting ends at 11 p.m. CT on Dec. 27.

Both Dillon and Lindsey are members of the Nashville Songwriters Hall of Fame (NaSHOF). Dillon is also a member of the Country Music Hall of Fame.

Click here to see the full list of nominees.

Dylan Schneider Signs With Sony Music Publishing Nashville & Verse 2 Music

Pictured (L-R): Neon Coast’s Joey Russ, Verse 2 Music’s Kent Earls, Dylan Schneider, Kane Brown, Neon Coast’s Martha Earls and Sony Music Publishing Nashville’s Rusty Gaston

BBR Music Group/Wheelhouse Records artist Dylan Schneider has signed a joint venture global publishing deal with Sony Music Publishing Nashville and Verse 2 Music.

Schneider has earned his place on the map as one of today’s promising new hitmakers, following the release of his viral single “Ain’t Missin’ You” and as a top five songwriter on Dustin Lynch’s “Momma’s House.” Gaining over 500k social followers in just a few months, Schneider is currently climbing the charts after topping TikTok’s viral country music playlist and racking in over 121 million TikTok views, and 121K user-generated TikTok videos.

He has also scored two Gold records, garnered over 300 million streams and counting, and has toured with Florida Georgia Line, Kane Brown, Morgan Wallen, Dan + Shay, Mitchell Tenpenny, Chris Lane and more. Schneider was recently named a Breakthrough Artist to Watch by Amazon Music, an Artist to Watch by Pandora, and was declared “Country Music’s Next Rising Star” by Billboard.

Partner, Verse 2 Music, Kent Earls says, “Verse 2 is really excited to announce the signing of Dylan Schneider. Dylan is not only an incredible artist but an equally talented songwriter. He is already proven as a hit songwriter for both himself and other artists. We are excited to partner with him and his team to create some musical history.”

“Dylan Schneider is a proven hitmaker who is poised for even more, and he will be a great addition to the Verse 2 family,” says Sony Music Publishing Nashville CEO Rusty Gaston. “I’m also very excited about what Kane and Kent are building at Verse 2 – with three No. 1 singles in their first three years of business, I look forward to seeing what they will accomplish next.”

“I’ve respected Kane for so long, so I’m thrilled to join the Verse 2/SMP family,” says Schneider. “Writing songs for myself and other artists is so rewarding, I can’t believe I get to call this work. I can’t wait to start this new journey with the best team. Thanks for believing in me. Let’s make some magic!”

Currently, he is on tour with Scotty McCreery, after wrapping dates with Kane Brown and Tyler Hubbard, and is set to join Nate Smith’s “World On Fire Tour 2024” kicking off in January.