No time to read? Just listen to the news!
TL;DR
- Pink Floyd has sold their recorded music and name-and-likeness rights to Sony Music for approximately $400 million.
- The deal excludes songwriting rights, which remain with individual band members and includes merchandise and theatrical rights.
- Internal disputes, particularly involving Roger Waters’ controversial political statements, had previously stalled negotiations and devalued the catalog.
- David Gilmour supported the sale to alleviate ongoing management disputes, aligning with a trend of artists selling music rights for substantial sums.
The iconic British rock band Pink Floyd has finalized a significant deal to sell their recorded music and name-and-likeness rights to Sony Music for approximately $400 million. This transaction marks one of the largest in recent years and concludes after years of negotiations and internal disputes among band members, including Roger Waters, David Gilmour, and Nick Mason, as well as the estates of Richard Wright and Syd Barrett. Notably, the deal includes recorded music rights but excludes songwriting rights, which remain with the individual songwriters. The agreement also covers the band’s name and likeness, encompassing merchandise and theatrical rights.
The sale comes after a prolonged period of infighting among the band members, particularly between Waters and Gilmour, which had previously stalled negotiations. Waters’ controversial political statements have been a significant factor in complicating past deals. His remarks on Israel and Ukraine have sparked criticism and led to a devaluation of the band’s catalog, reportedly by about $100 million. Despite these challenges, Sony has successfully acquired one of the most valuable catalogs in contemporary music, adding to its growing portfolio that includes acquisitions from artists like Bruce Springsteen and Bob Dylan.
David Gilmour expressed his motivation for the sale as a desire to be free from the ongoing management and disputes associated with maintaining the band’s legacy. He described this as “my dream,” emphasizing that financial reasons were not his primary concern. The sale also reflects a broader trend in the music industry where artists are increasingly selling their music rights for substantial sums.
This deal with Sony marks the end of a two-year effort by Pink Floyd to sell their catalog, having previously engaged in talks with Warner Music, BMG, and Hipgnosis. The acquisition allows Sony to control Pink Floyd’s recordings and likeness while leaving songwriting rights with the band members. As part of its strategy, Sony continues to invest heavily in acquiring major music catalogs, further solidifying its position in the industry.
Source: Variety
