LONDON (BLOOMBERG) – Members of rock group Pink Floyd are seeking at least US$500 million (S$700 million) in a deal for their music catalog, according to people familiar with the talks, which would be the one of the biggest selling music records in history.
The group known for hits such as Money and Comfortably Numb is selling its catalog of recordings and songwriting, as well as the power to create the group’s merchandise, said the people, who asked not to be identified. because discussions are confidential.
Patrick McKenna, who represents the group in the process, did not respond to an email seeking comment.
McKenna winnowed the list of potential buyers to four, the people said. Names include Warner Music Group, Sony Music Entertainment and BMG. Sony and Warner already distribute some of Pink Floyd’s music.
The British rock band released some of the most popular records of all time, including Dark Side Of The Moon and The Wall, two albums that defined 1970s music. The group sold 75 million records in the United States. United, the 10th largest number of artists, according to the Recording Industry Association of America.
Many famous musicians have taken advantage of a frothy market for song catalogs in recent years, capitalizing on interest from music companies and financial firms.
Bob Dylan sold his recordings to Sony Music in a deal estimated to be worth over US$150 million, and his catalog of songs to Universal Music in a deal of between US$200-300 million .
Investors are becoming wary of shelling out for music portfolios due to rising interest rates and uncertainty about the economy.
But demand remained stable at the top of the market.