BMI, the music licensing agency that represents thousands of songwriters, has announced that it will sell to the private equity firm New Mountain Capital, The New York Times reports. Terms of the deal have yet to be disclosed; in August, Billboard cited sources claiming the deal could be worth $1.7 billion. The sale needs to be approved by shareholders and undergo “customary regulatory approvals.” The two sides expect the deal to close by the end of 2024’s first quarter.

After announcing that it would change over to a for-profit model before considering a sale of the company, BMI faced scrutiny over the change from songwriter groups. BMI and ASCAP are the two major licensing agencies which distribute royalties to songwriters and publishers from songs being played via the radio, online streaming, and in retail settings.

“New Mountain is an ideal partner because they believe in our mission and understand that the key to success for our company lies in delivering value to our affiliates,” Mike O’Neill, BMI President and CEO, said in a statement. “We are excited about the many ways New Mountain will accelerate our growth plan, bringing new vision, technological expertise and an outstanding track record of strengthening businesses, all of which will help us build an even stronger future for BMI and our songwriters, composers and publishers.”

New Mountain Capital’s other investments include Citrin Cooperman, the financial advisory firm behind the music catalog gold rush.