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Sony Group Corp (NYSE:SONY) is reportedly nearing a significant agreement to acquire the rights to Pink Floyd’s back catalogue, with the deal valued at approximately half a billion dollars.
Recent reports from the Financial Times indicate that Sony is in advanced negotiations with the iconic band, which had previously drawn interest from Hipgnosis, Warner Music, and BMG. The discussions have gained momentum following a period of discord between band members David Gilmour and Roger Waters, which had previously complicated the potential sale.
Should the deal be finalized, Sony would gain access to Pink Floyd’s extensive and historically significant catalogue, including renowned albums such as ‘Wish You Were Here’ and ‘Money.’ This acquisition would allow Sony to leverage Pink Floyd’s music for use in various media, including television and film.
In addition to this potential acquisition, Sony is also engaged in efforts to secure the rights to Queen’s catalogue through a separate high-value deal. This move aligns with Sony’s recent strategy, which includes a substantial commitment by private equity firm Apollo in July to support similar music rights acquisitions.
Earlier this year, Sony acquired a stake in Michael Jackson’s music catalogue and had previously secured Bruce Springsteen’s catalogue in 2021. These recent developments underscore Sony’s ongoing enthusiasm for acquiring the rights to high-profile artists' music collections.
