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American private equity group Blackstone is vying to buy Pink Floyd’s back catalog, a big bet on music rights that could value the band’s songs at nearly half a billion dollars.
The acquisition group would close the deal through Hipgnosis Song Management, a company founded by former Elton John manager Merck Mercuriadis, in which Blackstone now has a majority stake, according to company files.
A deal with Pink Floyd would polish Blackstone’s reputation as one of the major players in the music rights industry. The band is one of the best-selling groups of all time and the catalog is sought after, with Sony Music, Warner Music, KKR-backed BMG and Oaktree-funded Primary Wave also bidding, said five knowledgeable people.
Blackstone founded Hipgnosis Songs Capital, a multi-billion dollar fund, after purchasing HSM last year. HSC has so far purchased $341 million worth of back catalogs from Leonard Cohen, Justin Timberlake, Nile Rodgers, Nelly Furtado and country singer Kenny Chesney.
The Pink Floyd deal could be worth more than all of HSC’s current holdings combined, underscoring Blackstone’s seriousness about the sector, despite rising interest rates making such deals less attractive.
Read more about the Pink Floyd catalog battle here.