Business

Live news updates: Zelenskyy says 15 dead in Russian missile strike on railway station

Pink Floyd, pictured, is one of the best-selling groups of all time © Getty Images

US private equity group Blackstone is vying to buy Pink Floyd’s back-catalogue, a major bet on music rights that could value the band’s songs at almost half a billion dollars.

The buyout group would strike the deal through Hipgnosis Song Management, a company founded by Elton John’s former manager Merck Mercuriadis that Blackstone now owns a majority stake in, according to corporate filings.

A Pink Floyd deal would burnish Blackstone’s credentials as a main player in the music rights business. The band is one of the best-selling groups of all time and its catalogue is sought after, with Sony Music, Warner Music, KKR-backed BMG and Oaktree-funded Primary Wave also bidding, five people with knowledge of the matter said.

Blackstone set up Hipgnosis Songs Capital, a billion-dollar fund, after buying HSM last year. HSC has so far bought $341mn-worth of back catalogues from Leonard Cohen, Justin Timberlake, Nile Rodgers, Nelly Furtado and country singer Kenny Chesney.

The Pink Floyd deal could be worth more than all HSC’s current holdings combined, underscoring Blackstone’s seriousness about the industry despite rising interest rates making such deals less attractive.

Read more on the battle for Pink Floyd’s catalogue here.


Source link

Related Articles

Back to top button