Pink Floyd is considering selling its record catalog, which includes legendary hits like “Comfortably Numb” and “Another Brick in the Wall,” according to a report.
The British rock band, which has some of the best-selling albums in history, could rake in hundreds of millions of dollars from a deal, Bloomberg reported, adding that officials from the band have reached out to potential buyers.
According to the report, the process started in early May, but it’s still too early to know what the outcome of the talks will be. Representatives of the band did not comment.
Like many legendary rockers, Pink Floyd is trying to capitalize on the lucrative music rights market that has generously rewarded the likes of Bob Dylan, Neil Diamond, Sting and Bruce Springsteen.
Last year, Dylan sold his massive 600-song catalog to Universal Music Publishing Group for a reported $300-$400 million, while Bruce Springsteen previously sold his iconic song and publishing catalog to Sony Music for a whopping $500 million.
Though the market has softened somewhat, Pink Floyd has sold 75 million records in the US alone, the 10th-most of any artist, the Recording Industry Association of America said. That’s about twice as many as Dylan, meaning the band, formed in 1965, is likely to rake in the big bucks.
The group is known for producing a string of hits in the 1970s, including 1973’s “The Dark Side of the Moon,” one of the best-selling albums in history.
Singer and bassist Roger Waters, who formed the band with Syd Barrett, Nick Mason and Richard Wright, left the group in 1985. Waters later sued his bandmates over the use of the name and settled with the group two years later.
Despite years of disagreement, the brand, led by guitarist David Gilmour, continued to release records like A momentary Lapse of Reason and The Division Bell.
Barrett, who left the band in 1969, died in 2006 and keyboardist Wright died in 2008. Both Waters and drummer Mason are touring this year as solo artists.
Pink Floyd’s last album, The Endless River, was released in 2014. Gilmour and Mason released a song called “Hey, Hey, Rise Up!” under the Pink Floyd moniker last month in support of Ukraine amid the Russian invasion.
The massive deals mark a continuation of a trend seen by a long line of established artists selling their songbooks to well-funded investors or music labels. They’re also fueled by streaming, which offers the possibility of more lucrative royalties as customers flock to services like Spotify and Apple Music.
And business has surged during the coronavirus pandemic in part because of low interest rates making it easier for companies to borrow money to buy large assets.