British rock band Pink Floyd are planning to sell their catalog of recorded music, which includes some of the best-selling albums in history.
Representatives of the group have contacted potential buyers, according to three people familiar with the matter who asked not to be identified because the discussions are private. The process began in recent days and it is too early to know what the outcome will be, they said. Representatives for the group did not respond to requests for comment.
Pink Floyd is looking to capitalize on what has been a frothy market for music rights and secure a deal worth hundreds of millions of dollars. Last year, Bob Dylan sold his recordings to Sony Music in a deal believed to be worth over $150 million. Contracts for songwriting catalogs exceeded US$300 million.
While the market for some music rights has started to soften, that shouldn’t hurt a band like Pink Floyd. The group has sold 75 million records in the United States alone, the 10th-largest number of artists, according to the Recording Industry Association of America. That’s about twice as much as Dylan.
The band formed in 1965 under then lead singer Syd Barrett, who left three years later. The group continued, producing a string of popular albums and tours through the 1970s. Their 1973 release, “The Dark Side of the Moon”, was one of the best-selling records in history.
Vocalist and bassist Roger Waters left the band in 1985 and later sued his bandmates over their use of the name.
Waters and the rest of the team fell out over the years as the band, fronted by guitarist David Gilmour, continued to release records. Keyboardist Richard Wright died in 2008. Waters and drummer Nick Mason are touring that year as solo artists.
Pink Floyd’s latest album, “The Endless River”, was released in 2014. Gilmour and Mason released a song last month as Pink Floyd in support of Ukraine after the Russian invasion.