Sony Music is reportedly in talks to buy the rights to Pink Floyd's music catalogue for $500 million, but talks have stalled due to differences between band members.
According to anonymous sources, personal differences between some of the band members, particularly bassist/vocalist Roger Waters and guitarist/vocalist David Gilmour, made it difficult to reach an agreement. He told the Financial Times.
The catalog acquisition is poised to be one of the most lucrative in the industry after multiple unsuccessful bids over the years for the band's music rights from groups including Hipgnosis, Warner Music and BMG.
However, Pink Floyd are currently in talks with Sony Music to sell their catalogue, which includes hits such as “Money,” “Wish You Were Here” and “Another Brick in the Wall,” sources told the Financial Times.
But there has been trouble finalising deals in the past and there is no guarantee a sale will go ahead, people familiar with the matter told the Financial Times.
But the move shows that there is still interest in the industry to buy the rights to legendary artists' music catalogues, even as rising interest rates have caused rights acquisition profits to plummet.
In July, private equity group Apollo invested $700 million in Sony to fund a music industry takeover.
As younger fans are exposed to famous artists' music through TV shows and movies via streaming services, their music may have a longer life, which may explain why catalog deals continue to exist.
Sony Music is also in talks to buy the rights to Queen's songs for around $1 billion.
The company previously acquired Bruce Springsteen's catalog with backing from Eldridge Industries, a company founded by investor Todd Boley.
Universal Music purchased Bob Dylan's entire songwriting catalog in 2020 for an undisclosed price, but it's estimated to be around $300 million.
Hipgnosis acquired the rights to Neil Young's catalog in 2021 for a reported cost of around $150 million.
After the group disbanded, Waters and Gilmour each pursued solo careers.
This psychedelic rock band formed in the 1960s and revolutionized rock concerts with their use of holographic projections and other visual and sound effects.
Three of the band's albums are among the best-selling of all time.
Sony Music did not immediately respond to a request for comment.
