Irving Azoff's Global Music Rights PRO has a new primary investor in the form of private equity firm Hellman & Friedman, which has valued the company at $3.3b, per a report by Music Business Worldwide.

Following New Mountain Capital's February acquisition of PRO BMI, GMR's previous investor, TPG, has cashed out. Insiders say its return will be far greater than the multiple BMI realized due to the strength of GMR's owned repertoire and lower overhead.

The Azoff family will continue to run and maintain a significant ownership stake in GMR; it's rumored that the family was able to take some chips off the table in the negotiations.

GMR was founded in 2013 and is overseen by CEO Randy Grimmett. The company's holdings include the catalogs of Bruce Springsteen, Harry Styles, Drake, Bruno Mars, Bad Bunny and Pearl Jam.