David Gilmour finally gets his “dream” – Pink Floyd have sold their back catalogue for $400m
Just last month, David Gilmour said it was his “dream” to sell the Pink Floyd catalogue “to be rid of the decision making and arguments”.
Well, it seems Sony was paying attention, as it’s just struck a deal to purchase the prog rockers’ catalogue for a cool $400 million, according to the Financial Times.
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Per Music Business Worldwide, the transaction is said to include the band’s recording catalogue, neighbouring rights, and name and likeness rights. It does not, however, include publishing rights.
Recorded music royalties for Pink Floyd’s music are currently managed by two companies: Pink Floyd (1987) Limited and Pink Floyd Music Limited. The distinction is that the latter collects revenue for music recorded before Roger Waters’ departure in 1985, and the former collects revenues for music recorded after.
According to MBW, the two companies combined generated £40.399 million during the fiscal year ending 30 June, 2023.
Talks of Pink Floyd selling their music catalogue first arose two years ago in 2022.
Back then, it was suggested that a number of big music industry players were interested, including Sony, Warner Music Group, BMG, Hipgnosis, Concord, Primary Wave and private equity group Blackstone.
The sale is the latest in a string of high-profile music catalogue sales in recent years; in December 2022, Peter Frampton sold his catalogue to BMG in a deal three years in the making, and Queen’s catalogue generated big bucks this year when it sold to Sony for £1 billion.
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Source: www.guitar-bass.net
