Pink Floyd Sells Music Rights To Sony In $400 Million Deal

Key Takeaways

• Pink Floyd sold their recorded music and the rights to their name and likeness to Sony Music for $400 million.
• The deal does not include song publishing rights, as former band members Roger Waters and David Gilmour will continue to control and earn royalties from the songs they wrote.
• Sony has spent billions in recent years investing in the music catalogs of major artists like Bob Dylan, Bruce Springsteen, Queen, and Michael Jackson.

After years of negotiation gridlock, British rock band Pink Floyd has finally inked a deal with Sony Music, selling their recorded music and name-and-likeness rights for a reported $400 million. This deal comes after years of fraught negotiations, contentious internal disputes, and seemingly endless false starts. Insiders reveal that personal discord between the band’s chief creative forces, Roger Waters and David Gilmour, nearly sank the deal on multiple occasions.

Their ongoing feuds, fueled partly by Waters’ controversial political views, scared away numerous potential buyers and complicated negotiations, pushing the catalog’s asking price down from the initial $500 million valuation. Pink Floyd’s deal with Sony covers their valuable recorded music assets, but interestingly, it does not include publishing rights to the songs themselves.

Both Waters and Gilmour have retained control of the lyrics and music they wrote for the band, meaning they will continue to collect royalties from their compositions. This separation of recorded music and publishing rights is a common feature in music catalog sales, but it is a rare instance where a deal of this magnitude does not include full ownership of a band’s creative output. The deal also reportedly includes much of the band’s album artwork, which is an unmistakable part of Pink Floyd’s brand.

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Sony’s Music Catalog Buying Spree

Sony’s purchase of Pink Floyd is part of a growing trend in the music industry, where labels and investment firms are racing to snap up music catalogs, thanks to the rapid growth of streaming platforms and the immense revenue they generate. Sony has been especially aggressive, having spent billions of dollars in recent years acquiring catalogs of all-time greats like Bob Dylan, Bruce Springsteen, and Queen’s non-North American rights.

Notably, Sony Music’s acquisition of a stake in Michael Jackson’s catalog, valued at over $1.2 billion, is one of the most notable deals in the competitive music market. What sets the Pink Floyd deal apart is its sheer magnitude and the range of difficulties that prolonged the negotiations. For years, the rift between the band’s principal songwriters — Roger Waters, David Gilmour, and drummer Nick Mason — along with the estates of late members Richard Wright and Syd Barrett, created a labyrinth of legal and emotional complications that repeatedly stalled negotiations.

Sony’s Biggest Recent Music Catalog Deals

Chief among the issues was Waters’ controversial political stance against Israel and Ukraine, and in favor of Russia, which significantly hampered the sale process. The outspoken Roger Waters has been embroiled in controversy for years, with his inflammatory comments alienating potential buyers as well as complicating his relationships within the band. His controversial statements have even led to his ousting from other contracts, most notably with BMG, which dropped him as a solo artist earlier this year.

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By stepping into this firestorm, Sony risks severe backlash from those critical of Waters’ politics, particularly given the ongoing geopolitical crises in Israel and Ukraine. Nonetheless, Sony executives seem to believe that Pink Floyd’s vast catalog will more than justify the risk. Albums like The Dark Side of the Moon — which celebrated its 50th anniversary in 2023 and remains one of the best-selling records of all time — continue to generate significant revenue from streaming, vinyl reissues, and special edition releases.

David Gilmour, who has largely been in favor of the sale, was candid in an interview with Rolling Stone, stating that he wanted “to be rid of the decision-making and the arguments that are involved with keeping it going.” His willingness to move forward, even at a reduced price, suggests that the constant disagreements within the group were wearing thin. For years, companies like Warner Music, BMG, and Hipgnosis competed for the rights, but leadership changes at those firms, combined with Waters’ controversial remarks, complicated the process. In the end, Sony completely blew the competition out of the water.

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