US personal fairness group Blackstone is vying to purchase Pink Floyd’s back-catalogue, a serious wager on music rights that might worth the band’s songs at virtually half a billion {dollars}.
The buyout group would strike the deal by Hipgnosis Music Administration, an organization based by Elton John’s former supervisor Merck Mercuriadis that Blackstone now owns a majority stake in, in keeping with company filings.
A Pink Floyd deal would burnish Blackstone’s credentials as a primary participant within the music rights enterprise. The band is without doubt one of the best-selling teams of all time and its catalogue is wanted, with Sony Music, Warner Music, KKR-backed BMG and Oaktree-funded Major Wave additionally bidding, 5 individuals with data of the matter stated.
Blackstone arrange Hipgnosis Songs Capital, a billion-dollar fund, after shopping for HSM final yr. HSC has to date purchased $341mn-worth of again catalogues from Leonard Cohen, Justin Timberlake, Nile Rodgers, Nelly Furtado and nation singer Kenny Chesney.
The Pink Floyd deal might be value greater than all HSC’s present holdings mixed, underscoring Blackstone’s seriousness concerning the trade regardless of rising rates of interest making such offers much less enticing.
Learn extra on the battle for Pink Floyd’s catalogue here.
