iHeartMedia knew it would get a healthy cash boost from the sale of its equity interest in Broadcast Music Inc. Now it has announced the total: $101.4 million.
It announced the total in a filing with the Securities and Exchange Commission once the acquisition of BMI by a shareholder group led by New Mountain Capital closed.
The dollar amount is in line with an estimate that had been announced when the acquisition was made public in November.
iHeart says it plans to use the proceeds for general corporate purposes, which may include the repayment of debt.
