Reports have emerged that the members of the rock band Pink Floyd are seeking at least a whopping amount $500 million in a deal for their music catalog. The people familiar with the talks have noted that the deal would be one of the largest sales in music history.
Pink Floyd is looking for a huge deal
The group known for hits such as “Money” and “Comfortably Numb” is selling its recording and songwriting catalog, as well as the power in order to create merchandise based on the band, said the people. They had asked not to be identified because the talks are confidential. Patrick McKenna, who is representing the band in the process, didn’t respond to an email seeking comment.
McKenna has shortlisted potential buyers to four, said the people. The names include Warner Music Group Corp., Sony Music Entertainment and BMG. Sony and Warner already distribute some of Pink Floyd’s music.
The British rock band released some of the most popular records ever, including “Dark Side of the Moon” and “The Wall,” two albums that defined music in the 1970s. The group has sold 75 million records in the US, the 10th most of any artist, according to the Recording Industry Association of America.
It has also been noted that the investors are concerned of shelling out for music portfolios due to rising interest rates and uncertainty about the economy. But demand has held steady at the very top of the market.
Many famous musicians have cashed in on a market for song catalogs in recent years, capitalizing on interest from both music companies and financial firms. Bob Dylan sold his recordings to Sony Music in a deal estimated to be worth more than $150 million, and his song catalog to Universal Music in a deal for between $200 million and $300 million.