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Universal Music Publishing Group is passing along monies paid to it in the wake of the sale of BMI directly to its affiliated songwriters, regardless of whether they have a current unrecouped balance.
The news was revealed in a social media post from UMPG, which reads as follows:
"As you may have heard, BMI went through an ownership change and announced it is sharing some of the sale proceeds with songwriters and publishers. These sales proceeds have since been paid out. BMI has accounted to the songwriters directly for the songwriters share, and to UMPG for the publisher’s share of eligible songs."
"UMPG has chosen to flow through payments to the applicable BMI songwriters/payees for such songs in the next royalty period, regardless of any current unrecouped balance, in accordance with the terms of the songwriters payees publishing contract with UMPG," the note continued.
New York-based New Mountain Capital completed its purchase of BMI in February, with shareholders allocating $100m from the proceeds to BMI-affiliated artists and songwriters.
