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Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication.
Sony Music is in superior talks to purchase the rights to music recorded by Pink Floyd for about $500mn, in one of the vital keenly awaited offers within the business.
Pink Floyd has been riven by private variations between band members — notably Roger Waters and David Gilmour — which has made reaching settlement over the way forward for its music rights tough, in accordance with a number of individuals near the talks.
A sale of one of the vital profitable catalogues within the business has been mooted for a few years — beforehand attracting bidders comparable to Hipgnosis, Warner Music and BMG in 2022.
Nevertheless, the band is now progressing with talks with Sony Music, in accordance with two individuals aware of the scenario. The again catalogue contains among the greatest promoting hits of the previous 50 years, together with “Cash”, “Want You Have been Right here,” and “One other Brick within the Wall”.
There isn’t any assure of an settlement this time given the previous issues, mentioned one particular person aware of the talks.
The potential deal reveals that there’s nonetheless important curiosity in shopping for the music rights of well-known artists, whose hits stay common amongst new generations because of streaming companies and their use in TV and movies. Nevertheless, the business has had a tougher time in recent times as greater rates of interest eroded returns and made different investments look extra engaging.
Non-public fairness group Apollo in July invested $700mn to assist Sony fund music acquisitions.
Sony Music can also be in talks to purchase the music rights of Queen for about $1bn, and has beforehand purchased Bruce Springsteen’s catalogue with backing from Eldridge Industries, Todd Boehly’s funding car.
A label comparable to Sony has the assets and community to advertise and use the music throughout TV, movies and streaming companies, pushing up the revenue and worth of the music over time. Bob Dylan and Neil Younger are among the many many artists and bands which have struck giant offers for his or her music in recent times.
Waters and Gilmour have each cast profitable solo careers. Gilmour has launched a brand new album and is planning a tour this yr.
The band additionally contains drummer Nick Mason and the estates of keyboard participant Richard Wright and authentic singer-songwriter Syd Barrett.
Representatives for Gilmour declined to remark, and people for Waters didn’t reply to requests for remark. Sony declined to remark.
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