Members of the rock band Pink Floyd are seeking not less than US$500mil (RM2.2bil) in a deal for their music catalog, in line with individuals conversant in the talks, which might be one of many largest gross sales in music historical past.
The group identified for hits corresponding to Money and Comfortably Numb is promoting its recording and songwriting catalog, in addition to the ability to create merchandise primarily based on the band, mentioned the individuals, who requested to not be recognized as a result of the talks are confidential. Patrick McKenna, who is representing the band within the course of, didn’t reply to an e mail seeking remark.
McKenna has winnowed the listing of potential patrons to 4, mentioned the individuals. The names embrace Warner Music Group Corp., Sony Music Entertainment and BMG. Sony and Warner already distribute a few of Pink Floyd’s music.
The British rock band launched a few of the hottest data ever, including Dark Side Of The Moon and The Wall, two albums that outlined music within the Seventies. The group has bought 75 million data within the US, the tenth most of any artiste, in line with the Recording Industry Association of America.
Many well-known musicians have cashed in on a frothy market for music catalogs lately, capitalizing on curiosity from each music firms and monetary companies. Bob Dylan bought his recordings to Sony Music in a deal estimated to be price greater than US$150mil, and his music catalog to Universal Music in a deal for between US$200mil and US$300mil.
Investors are beginning to develop cautious of shelling out for music portfolios on account of rising rates of interest and uncertainty concerning the economic system. But demand has held regular on the very prime of the market.
Getting the entire members of Pink Floyd to agree on something has been a problem for many years. The band shaped in 1965 underneath the course of then lead singer Syd Barrett, who left three years later. Singer and bassist Roger Waters left the band in 1985 and later sued his fellow band mates over their use of the title. Waters and the remainder of the crew have squabbled through the years because the band, led by guitarist David Gilmour, continued to launch data.
That is an enormous motive they selected McKenna, who runs the UK-based advisory group Ingenious Media, to information them by the method. – Bloomberg
