Pink Floyd, Blackstone wants to buy the rights of the songs for 500 million dollars – Corriere.it

Blackstone appreciates the music of Pink Floyd. Or, at least, its value from an economic point of view: successes like Money, Comfortably Numb And Another Brick in the Wall could end up in the catalog of the American private equity fund, vying to buy the commercial rights to the songs of the British rock group, founded in London in 1965 and gone down in history for extraordinarily successful albums, including The Dark Side of the Moon, Wish You Were Here, Atom Heart Mother and The Wall.

The big bet on music rights: starting from half a billion

This is a big bet on the band’s musical rights, which could be valued at nearly half a billion dollars. According to reports from the Financial Timeswhich cites corporate documents, the private equity group is reportedly closing the deal through Hipgnosis Song Management, the company founded by Elton John’s former manager, Merck Mercuriadis, in which Blackstone holds a majority stake.

Blackstone’s interest in music rights

But why is Blackstone so interested in Pink Floyd? Simply, the English band is one of the best-selling musical groups in the history of music and its discography is considered to be of great value: with this agreement, the American fund would strengthen its credentials. as a major player in the music rights sector. Blackstone not for the only one who made an offer. In an effort to get their hands on the music of the London band, Sony Music, Warner Music, BMG (backed by KKR) and Primary Wave, funded by Oaktree have also moved.

For sale of rights and registrations for 400 million pounds

Blackstone entered the world of music rights with the creation of Hipgnosis Songs Capital, a billion dollar fund, born after the 2021 acquisition of HSM. Hipgnosis has already purchased $ 341 million worth of catalogs from artists such as Leonard Cohen, Justin Timberlake, Nile Rodgers, Nelly Furtado and country singer Kenny Chesney. But the deal with Pink Floyd could be worth more than all the current holdings combined. The British band is selling both the royalties and the recordings for a total value of around 400 million pounds. Pink Floyd will thus join other stars such as Bruce Springsteen, Bob Dylan, Paul Simon, Stephen Stills who have decided to sell the rights to their catalogs for figures ranging between 300 and 500 million dollars. The agreement with Blackstone could be reached in a matter of weeks, although both the band and the fund have not commented on the news at the moment.

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