Tender between Bmg, backed by the private equity group Kkr, and Warner Music to buy the entire Pink Floyd music catalog in an agreement that could be worth over 500 million dollars.
This was revealed by the Financial Times in today's edition, citing people close to the situation.
The process, the newspaper explains, is still in its early stages, but Pink Floyd are looking to sell both copyright and registration rights, making its catalog one of the most valuable assets to hit the market, potentially beyond Bruce Springsteen. as the biggest music rights deal in recent years.
The British band best known for hits like 'Money' and 'Shine on you crazy diamond' are probing the market's appetite in a move that would follow the deals recently made by Bruce Springsteen and Bob Dylan.
The sale of the Boss catalog in particular was carried out at a reported value of 550 million dollars, making it the largest agreement ever in music rights, underlines the FT, also referring this figure to sources close to the negotiation.
With interest rates at record lows in recent years and the revival of the streaming music industry, private equity groups and institutional investors have spilled into the copyright market.
Blackstone, KKR, and Apollo pledged more than $ 3 billion in royalties last year.
The songs have two rights, explains the financial newspaper, one for songwriting and one for recording, or master copy.
Pink Floyd, one of the best-selling bands of all time, offers both, making its catalog one of the most valuable to arrive on the market.
In the United States, Pink Floyd have sold 75 million albums, according to the Recording Industry Association of America, compared to Springsteen's 65.5 million.
However, The Boss sold its catalog in December in a different economic climate, as music prices have fallen in recent months as interest rates rise and the global economy slowed.
Revenue in the recorded music industry grew for seven consecutive years, climbing 18.5% last year to $ 25.9 billion, according to the International Federation of the Phonographic Industry and streaming subscriptions to services like Spotify and Apple. Music, the FT also points out, have increased the value of music rights and given older songs a new life.