Last week, reports suggested that BMG and Warner Music Group were in a fight over the purchase of Pink Floyd’s catalog. Now the companies face another competing bid as Iver Heath-based One Media iP has bid for part of the rights to the song.
Berlin-headquartered BMG and publicly traded Warner Music Group have yet to comment on their efforts to acquire Pink Floyd’s catalog — nor has the nearly six-decade-old band addressed. the question. But according to unnamed sources familiar with the talks, the winning bidder could spend upwards of $500 million on the entire work.
The sum would rival what Bruce Springsteen would have received from Sony Music Entertainment for his own catalog in December 2021. Other legacy artists, including but certainly not limited to Sting, Paul Simon, Fleetwood Mac, ZZ Top and America, have also cashed in their catalogs since the corresponding sales rush initiated in 2020.
However, in the wake of these high-profile deals and a more recent collection of smaller-scale deals, some have expressed the belief that the hot catalog space may finally be cooling off.
Either way, at least one more blockbuster deal appears to be on the way, and as outlined at the start, One Media is looking to get in on the action, Founder and CEO Michael Infante confirmed.
The sun shed some light on One Media’s bid for the Pink Floyd catalog — or one percent of that catalog, to be precise — and the company posted an excerpt from the relevant article on its website. One Media’s £3.5 million ($4.29 million at current exchange rate) offer for one per cent stake “must be taken seriously”, according to the report, and “includes access to anti-piracy software that would help protect the music”.
“We may not be the biggest player in town, but we are profitable and we have money in the bank,” said Michael Infante.
Regarding One Media’s financial situation, the company announced in late April a 9.59% year-over-year revenue improvement for the 12 months ending October 31, 2021. In total, One Media took in around $5.39 million during the year, again taking into account the current GBP-USD conversion rate, and said its 200,000 track catalog was worth $42.71 million. dollars.
Finally, regarding the aforementioned “anti-piracy software”, One Media has developed a tool called TCAT, which it claims has resulted in “first positive trials…with two major labels, the largest world’s digital aggregator and music trade body, the BPI.
Time will tell if Pink Floyd is receptive to One Media’s offer – and, needless to say, the prospect of a split sale – but the public offering appears to reflect the continued availability of capital (and buyers ) in the segment. Five days ago, Primary Wave bought Bob Dylan’s stake in The Traveling Wilburys work.