The legendary British psychedelic and progressive rock band Pink Floyd has finally sold their recorded-music and name-and-likeness rights for around $400 million. According to a report from 'Variety', the band sold their music rights to the music label.
The deal marks one of the largest of many in recent years and apparently brings an end decades of infighting and bitter words between the principal remaining members, however, chief songwriters Roger Waters and David Gilmour are included and also drummer Nick Mason, as well as the estates of keyboardist Richard Wright and founding singer-songwriter Roger "Syd" Barrett.
According to reports from 'Variety,' the deal involves recorded-music rights, excluding songwriting, which of course belongs to the individual authors, and name-and-likeness, with merchandise, theatrical, and related rights.
Whereas Pink Floyd was famously faceless as personalities, arguably the bulk of the legendary cover art on their albums, designed primarily by British company Hipgnosis, is in.
On a purely business level, Pink Floyd's recorded-music catalogue-not to mention its merchandising rights-is one of the most valuable in contemporary music, with classic albums like 'Dark Side of the Moon', 'The Wall', 'Wish You Were Here', 'Animals', 'Meddle', 'Piper at the Gates of Dawn', 'More' and many more.
Sony has spent over a billion dollars, during the past years, on catalogues from Bruce Springsteen, Bob Dylan and Queen's non-North American rights with the aid of investment firms such as Eldridge Industries that have always remained mute about the terms of the transactions.
The catalogue had been in play for a few years, reported to go for $500 million and the group was close to a deal in 2022 but the bitter infighting between the band's members, primarily over main songwriter Roger Waters' controversial political statements against Israel and Ukraine, and in favor of Russia have complicated the deal hugely and scared off a number of suitors.
Read also| Alia Bhatt Prepares for Sanjay Leela Bhansali’s Upcoming Film ‘Love and War’
