Pink Floyd reach deal with Sony to sell music catalogue for $400m
The deal includes the recorded music catalogue of Pink Floyd
British rock legends Pink Floyd have reportedly reached an agreement with Sony to sell their music catalogue, including rights to their name and likeness, for approximately $400 million, reports The Guardian.
According to the Financial Times, the deal excludes the rights to the band's songwriting, focusing only on recorded music.
The sale, described by Variety as "one of the largest in recent years," follows years of internal feuding among the surviving band members over the terms.
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Reportedly, the process was further complicated by controversial remarks made by co-founder Roger Waters, which added tension to the negotiations.
The deal includes the recorded music catalogue of Pink Floyd, whose founding members include Nick Mason, Roger Waters, and the late Syd Barrett and Richard Wright, with David Gilmour joining in 1967.
The rights to their songs remain with the songwriters, but Sony now controls their recordings and likeness.
This marks the end of a two-year effort by the band to sell their catalogue. They were previously in talks with Warner Music, BMG, and Hipgnosis before finalizing the deal with Sony.
The sale follows a growing trend in the music industry, with major artists selling their music rights for substantial sums.
Earlier this year, Sony purchased Michael Jackson's music catalogue for an estimated $600 million, making the Pink Floyd deal another major acquisition in recent times.
