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Sony Group Corp (NYSE:SONY) is in advanced negotiations to acquire the music rights Pink Floyd recorded in a deal worth $500 million. It held 1.89 trillion Japanese Yen in cash and equivalents as of June-end.
The catalog features iconic hits like “Money,” “Wish You Were Here,” and “Another Brick in the Wall.”
The negotiation process got delayed due to personal differences between band members, including Roger Waters and David Gilmour, Financial Times cites familiar sources.
Despite previous attempts by bidders such as Hipgnosis, Warner Music Group Corp (NASDAQ:WMG), and BMG in 2022, Pink Floyd is now moving forward with discussions with Sony Music.
The potential sale coincides with higher interest rates affecting music catalog returns.
Sony Music has been actively acquiring music catalogs, backed by a $700 million investment from private equity group Apollo in July. In August, Sony Music won Court approval to purchase half of the Michael Jackson estate’s $1.5 billion catalog.
Sony’s topline growth was 2%, reaching $19.3 billion in the fiscal first quarter of 2024, beating the analyst estimate of $17.19 billion. Music revenue rose 23%, and operating income increased by 17%, led by the release of R&B star Beyonce’s “Cowboy Carter” album.
Price Action: SONY stock is down 0.34% at $93.30 premarket at the last check Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Piotr Piatrouski via Shutterstock
