Pink Floyd has reportedly reached a deal with Sony to sell their music catalog, as well as their name and likeness, for about $400m.
The British rock band agreed to sell the rights to their recorded music catalog, their name and their likeness, but not the rights to their songwriting, according to the Financial Times, who first reported the news of the deal on Tuesday, citing two people familiar with the matter.
The agreement, described by Variety on Wednesday as “one of the largest of many in recent years”, comes after years of reported feuding and infighting between the surviving band members over the sale details, as well as about controversial comments made by the band’s co-founder and bassist, Roger Waters, which also reportedly complicated the deal process.
Last month, Variety reported that Pink Floyd and Sony were working on a deal.
As of Wednesday morning, Sony had not released a statement or responded to a comment on the reported deal, according to the Financial Times. David Gilmour, the band’s guitarist, had also not responded to a request for comment, and Waters could not be reached.
In 2022, Variety reported that Pink Floyd had been looking to sell their recorded music and other assets for as much as $500m. Sources told the outlet that some potential buyers were put off after a 2022 interview with Waters in Rolling Stone, in which he made controversial comments about Israel, Ukraine, Russia and the United States.
Among the statements, Waters has said that Russia’s 2022 invasion of Ukraine was “not unprovoked”. Russia invited Waters to address the UN security council in early 2023, where he repeated the claim.
Four sources claimed in March of 2023 to Variety that the band’s $500m catalog sale of the rights was “basically dead” due to conflicts between the surviving band members. But, sources close to the band at the time denied this claim.
Later that year, Waters was investigated by Berlin police over a Nazi-style uniform he wore at a concert there. In the same year, he won a legal battle allowing him to perform a concert in Frankfurt, Germany, after the city attempted to cancel the event amid accusations of antisemitism.
The city called Waters “one of the most widely known antisemites in the world” and reportedly objected to his concert in part due to the fact that a previous tour had featured a balloon shaped like a pig depicting the star of David and various company logos, as a part of the stage show.
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Waters has always denied accusations of antisemitism.
In early 2024, it was reported that Waters was dropped as a solo artist by the music rights company BMG, which signed an agreement with the musician in 2016, over his comments about Israel, Ukraine and the US.
Pink Floyd’s recorded music catalog is one of the most valuable in contemporary music, according to Variety. The band’s most famous albums include The Wall, Dark Side of the Moon, Wish You Were Here, Animals and more.
Over the last few years, other high-profile artists including Bruce Springsteen, Bob Dylan, Justin Timberlake, Shakira, the Red Hot Chilli Peppers and others have sold their music catalogs to different music labels. Earlier this year, it was reported that Sony was in talks to buy Queen’s catalog.
Source: theguardian.com
