Pink Floyd is looking to sell its recording and songwriting catalogue for at least $500 million USD which could be one of the largest sales in music history.
According to an unnamed source, Pink Floyd is cashing in on past songs by selling its catalogue and the power to create band merch.
Bloomberg reported that the band is brokering a deal with distributors that could turn into the largest sale of music in history.
Patrick McKenna, who is representing the band has not commented on the sale as of yet but the source said potential buyers include Warner Music Group Corp., Sony Music Entertainment and BMG.
The British psych-rock band have released some of the most popular albums of all time, including Dark Side of the Moon and The Wall.
The band wouldn’t be the first to cash in on their catalogue, Bob Dylan recently sold his recordings to Sony Music in a deal that is estimated to be worth more than $150 million USD. He also sold his catalogue to Universal Music for between $200m and $300m USD.
Pink Floyd chose McKenna to look after the whole process because the rockers have famously struggled to get along for decades now.
Three years after forming the then lead singer Syd Barrett bailed on the band. Later, in 1985, singer and bassist Roger Waters also left the band and sued fellow bandmates over the use of the name.
Here’s hoping McKenna can get a good deal for the band so they can properly part ways.