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Sony Music is in advanced talks to buy the rights to music recorded by Pink Floyd for about $500mn, in one of the most keenly awaited deals in the industry.
Pink Floyd has been riven by personal differences between band members — notably Roger Waters and David Gilmour — which has made reaching agreement over the future of its music rights difficult, according to several people close to the talks.
A sale of one of the most lucrative catalogues in the industry has been mooted for many years — previously attracting bidders such as Hipgnosis, Warner Music and BMG in 2022.
However, the band is now progressing with talks with Sony Music, according to two people familiar with the situation. The back catalogue includes some of the best selling hits of the past 50 years, including “Money”, “Wish You Were Here,” and “Another Brick in the Wall”.
There is no guarantee of an agreement this time given the past problems, said one person familiar with the talks.
The potential deal shows that there is still significant interest in buying the music rights of well-known artists, whose hits remain popular among new generations thanks to streaming services and their use in TV and films. However, the industry has had a harder time in recent years as higher interest rates eroded returns and made other investments look more attractive.
Private equity group Apollo in July invested $700mn to help Sony fund music acquisitions.
Sony Music is also in talks to buy the music rights of Queen for about $1bn, and has previously bought Bruce Springsteen’s catalogue with backing from Eldridge Industries, Todd Boehly’s investment vehicle.
A label such as Sony has the resources and network to promote and use the music across TV, films and streaming services, pushing up the income and value of the music over time. Bob Dylan and Neil Young are among the many artists and bands that have struck large deals for their music in recent years.
Waters and Gilmour have both forged successful solo careers. Gilmour has released a new album and is planning a tour this year.
The band also includes drummer Nick Mason and the estates of keyboard player Richard Wright and original singer-songwriter Syd Barrett.
Representatives for Gilmour declined to comment, and those for Waters did not respond to requests for comment. Sony declined to comment.
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