Blackstone among bidders for Pink Floyd’s catalog – sources

A girl is silhouetted at The Pink Floyd Exhibition: Their Mortal Stays on the V&A Museum in London, Britain Could 9, 2017. REUTERS/Stefan Wermuth

Aug 24 (Reuters) – Blackstone Inc (BX.N) is among the many a number of bidders for British rock band Pink Floyd’s catalog, individuals accustomed to the matter mentioned on Wednesday, because the non-public fairness agency appears to be like to bolster its music rights assortment.

The method is ongoing and Blackstone isn’t near putting a deal for the group behind hits equivalent to “Want You Have been Right here”, “Comfortably Numb” and “One other Brick within the Wall”, the individuals mentioned.

Blackstone declined to remark, whereas representatives for Pink Floyd didn’t instantly reply to a request for remark.

The Monetary Occasions earlier reported that the buyout agency would by Hipgnosis Tune Administration strike the deal that would worth the band’s songs at virtually half a billion {dollars}. https://on.ft.com/3pJQhA4

Blackstone final 12 months took an possession stake in Hipgnosis as a part of a partnership that deliberate to deploy round $1 billion to purchase music rights and document songs. learn extra

Based by former Elton John supervisor Merck Mercuriadis, Hipgnosis advises UK-listed Hipgnosis Songs Fund (SONG.L) that lets traders get a bit of the motion in music royalties.

Personal fairness curiosity in music catalogs has risen up to now few years because of regular returns from royalties and the rise of on-line streaming. KKR & Co Inc (KKR.N) final 12 months purchased a majority stake in OneRepublic artist Ryan Tedder’s catalog valued at $200 million. https://reut.rs/3pI772k

A Pink Floyd deal would additionally additional Blackstone’s broader push into digital content material, with the buyout agency final 12 months agreeing to purchase most of Hollywood actress Reese Witherspoon’s media firm, Hey Sunshine. https://bit.ly/3pFp4yz

Reporting by Mehnaz Yasmin in Bengaluru and Chibuike Oguh in New York; Enhancing by Aditya Soni

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