Catalog product

Pink Floyd seeks $500 million for its musical catalog, including “The Wall”

Members of rock band Pink Floyd are seeking at least $500 million in a deal for their music catalog, according to people familiar with the talks, in what would be one of the biggest sales in music history.

The group known for hits such as “Money” and “Comfortably Numb” is selling its recording and songwriting catalog, as well as the power to create products based on the group, said the people, who asked not to be identified because the talks are confidential. Patrick McKenna, who represents the group in the process, did not respond to an email seeking comment.

McKenna winnowed the list of potential buyers to four, the people said. 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 of all time, including ‘Dark Side of the Moon’ and ‘The Wall’, two albums that defined 1970s music. The band sold 75 million records in the United States, the 10th largest number of artists, according to the Recording Industry Association of America.

Many famous musicians have taken advantage of a frothy market for song catalogs in recent years, capitalizing on interest from music companies and financial firms. Bob Dylan sold his recordings to Sony Music in a deal estimated to be worth over $150 million, and his catalog of songs to Universal Music in a deal of between $200 and $300 million.

Investors are becoming wary of shelling out for music portfolios due to rising interest rates and uncertainty about the economy. But demand remained stable at the top of the market.

Getting everyone on Pink Floyd to agree on anything has been a challenge for decades. The band formed in 1965 under then lead singer Syd Barrett, who left three years later. Vocalist and bassist Roger Waters left the band in 1985 and later sued his bandmates over their use of the name. Waters and the rest of the team fell out over the years as the band, fronted by guitarist David Gilmour, continued to release records.

It’s a key reason they chose McKenna, who leads UK advisory group Ingenious Media, to guide them through the process.

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor