New Mountain Capital is buying the performance rights organization, sources tell Billboard.
Amid a possible BMI sale, several organizations representing songwriters are asking where any profits may wind up.
The Radio Music Licensing Committee is still awaiting the outcome of appeal, in effort to combine the processes and pit the PROs against each other.
In a memo to staff, CEO Mike O'Neill said that outside interest in the company has "intensified" over the past year, when BMI ended a strategic review process.
Launched by Reps. Ted W. Lieu and Ben Cline, the bi-partisan caucus will focus on policies that benefit independent songwriters and intellectual property concerns.
In May, the performance rights organization won a 138% increase for songs performed at live events.
The Radio Music Licensing Committee is now appealing that decision.
The leading performance rights organizations have teamed to combat bad actors wrongfully claiming performance royalties and ownership of musical works.
The awards will be held on Tuesday, May 9, at the Beverly Wilshire Hotel.
Tuesday's decision, which also awarded BMI an expanded revenue base, marks the first such rate increase since 1998.
