2 weeks Ago By Varun Godinho
Sony Music is reportedly in advanced stages of acquiring the rights to Pink Floyd’s music catalogue for $500 million (A$745.05 million), although differences between some of the band’s key members are hampering the process. The back catalogue includes iconic hits of the past 50 years such as “Money”, “Wish You Were Here,” and “Another Brick in the Wall”.
Three of the band’s albums are among the best-selling of all time. However, personal differences between Roger Waters and David Gilmour are making reaching a deal difficult, according to the Financial Times. Sony’s bid to acquire the rights to the back catalogue could go the way of its rivals including Hipgnosis, Warner Music and BMG which have all made unsuccessful bids for Pink Floyd’s catalogue over the last few years.
To Sony’s advantage, private equity group Apollo in July invested $700 million (A$1.04 billion) to help Sony fund music acquisitions. Pink Floyd during their famous ‘Live At Pompeii’ performance.
In May, as ChannelNews reported , Sony Music was reported to be preparing a A$1.51 billion offer to acquire Queen’s music catalogue. However, that deal has yet to be finalised.
In 2021, Sony acquired Bruce Springsteen’s back catalogue for an estimated A$756.89 million. Earlier this year, it reportedly acquired a half interest in pop star Michael Jackson’s music catalogue from the late singer’s estate for at least A$908.
26 million. Sony Music’s rivals have also struck similar deals. In 2022 Warner Music acquired David Bowie’s songbook for about A$378.
44 million. Universal Music Group this year bought a minority stake in Chord Music Partners, the latter of which owns more than 60,000 songs from artists including the John Legend, Weeknd and Lorde..
