Pink Floyd in talks with Sony Music to buy band’s catalog for $500M: report
Sony ജMusic 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 ba🐲nd members, according to a report.
It has been difficult to reach a deal because some of the band members – in particul▨ar bassist and singer Roger Waters and guitarist and singer David Gilmour – have personal differences, anonymous sources .
The catalog acquisition is poised to be one of the most lucrative deals in the industry. Multiple bids – ꦑfrom 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 likeﷺ “Money,” “Wish You Were Here” and “Another Brick in the Wall,” sources told the FT.
There is no guarantee the s💛ale will ha🐼ppen, 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, priv♋ate 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 show🐠s and films through streaming services, which could explain why catalog deals have continꦏued.
Sony Music is also in talks to buy the rights to Queen’s music for about $1 billion.
The company previously acquired Bruce Spriꦍngsteen’s catalog with backing from Eldridge Industries, founded by investor Todd🍬 Boehly.
Universal Music bought Bob Dylan’s entire songwritin𝓀g catalog in 2020. The price was not disclosed, but it was es💞timated around $300 mil⭕lion.
Hipgnosis bought Neil Young’s catalog rights iꦓn 2021, which reported🐷ly cost around $150 million.
Waters and Gඣilmour each led solo careers after the group disbanded.&nb𒈔sp;
The psychedelic rock band was formed in the 1960s an🦩d revolutionized rock concerts with the𒊎ir 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 res♍pond to requests for comment.
