The deal is done: Pink Floyd agreed this week to sell its recorded music catalog to Sony Music in a deal worth about $400 million, sources said.
It is understood that the deal includes Floyd’s catalog of recordings, neighboring rights and “name and likeness rights.” It does not include publishing rights.
The news was first reported today (October 1) Financial Times.
Sony reportedly acquired a slew of career rights to another legendary band, Queen, for more than $1 billion earlier this year.
Queen’s agreement includes publishing rights, “name and likeness rights,” and rights to recorded music outside North America.
As MBW revealed in September, recorded music royalties from Pink Floyd’s music currently flow to two UK companies: PINK FLOYD (1987) LIMITED. and PINK FLOYD MUSIC LIMITED.
The former appears to collect revenue from the catalog of music recorded by the band after Roger Waters left in 1985; the latter collects revenue from music recorded before Waters left.
The combined revenue generated by these two companies is £40.399 million For the fiscal year ending June 30, 2023. Dollar $50 million.
Pink Floyd’s work was first put up for sale in 2022, when MBW sources (correctly) suggested that the deal would include recorded music rights and “name and likeness rights,” but not music publishing rights.
At the time, there were reports that the catalog was attracting interest from potential buyers, e.g. Sony Music Group, Warner Music Group, BMG, Hipgnosis, Concord, primary waveand private equity groups black stone.
In July, Apollo Global Management confirmed it was a major investor in the company. US$700 million “Capital Solutions” Sony Music Group Aims to provide funding for investment in the music industry.
Sony has partnered with external capital Previous Catalog Investments.
Sony’s Approximately US$550 million The 2021 acquisition of Bruce Springsteen’s catalog of published and recorded music (on the publishing side) was funded in part by Eldridge Industries.global music business
