For years, ASCAP and BMI were seen as the Coke and Pepsi of the performing rights management business — two giant entities with complicated formulas that seemed the same from a distance but quite different if you examined them closer. The November agreement to sell BMI to a group of investors led by New Mountain Capital, which was completed Feb. 8., has changed that — and the songwriters for whom they compete have already seen it in the marketing. BMI is making the case that a for-profit model will let it invest more aggressively in technology, among other things, while ASCAP pointed out on social media that “private equity
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