Sony Music is in advanced talks to buy the rights to Pink Floyd’s music catalog for $500 million – though it is being stalled by differences among some of the band members, according to a report.
It has been difficult to reach a deal because some of the band members – in particular bassist and singer Roger Waters and guitarist and singer David Gilmour – have personal differences, anonymous sources told the Financial Times.
The catalog acquisition is poised to be one of the most lucrative deals in the industry. Multiple bids – from groups including Hipgnosis, Warner Music and BMG – for the band’s music rights have fallen through over the years.
But Pink Floyd is now moving forward with talks with Sony Music to sell the catalog – which includes hits like “Money,” “Wish You Were Here” and “Another Brick in the Wall,” sources told the FT.
There is no guarantee the sale will happen, though, since there have been issues in the past trying to lock in a deal, a source told the FT.
But the move shows that there is still interest among the industry in buying the rights to legacy artists’ music catalogs — even though higher interest rates have cratered returns on rights acquisitions.
In July, private equity group Apollo invested $700 million in Sony to help fund music acquisitions.
Established artists’ music can live on for longer, as younger fans are introduced to their music in TV shows and films through streaming services, which could explain why catalog deals have continued.
Sony Music is also in talks to buy the rights to Queen’s music for about $1 billion.
The company previously acquired Bruce Springsteen’s catalog with backing from Eldridge Industries, founded by investor Todd Boehly.
Universal Music bought Bob Dylan’s entire songwriting catalog in 2020. The price was not disclosed, but it was estimated around $300 million.
Hipgnosis bought Neil Young’s catalog rights in 2021, which reportedly cost around $150 million.
Waters and Gilmour each led solo careers after the group disbanded.
The psychedelic rock band was formed in the 1960s and revolutionized rock concerts with their use of holographic projections and other visual and sound effects.
Three of the band’s albums are among the best-selling of all time.
Sony Music did not immediately respond to requests for comment.
Credit: Source link
