Blackstone, one of world’s largest fund managers with upwards of US$1tn of assets under management, is among several bidders for British prog rock band Pink Floyd's music catalogue, according to a Reuters report.
The acquisition would give Blackstone ownership over some of the most cherished British rock albums of all time, including The Wall, The Dark Side of the Moon and Animals.
The deal would be closed via Hipgnosis Songs Capital, a US$1bn fund established by music executive and former Elton John manager Merck Mercuriadis, and funk legend Nile Rodgers.
A source told Reuters that Blackstone is among the several bidders for the band's back catalogue, although counterparties were not named.
The bid forms part of Blackstone’s wider push into film and music rights, following the fund manager’s acquisition of actress Reese Witherspoon’s media company Hello Sunshine in 2021.
Blackstone took an ownership stake in Hipgnosis in October 2021, enticed by a rights portfolio consisting of Beyoncé, Neil Young, Blondie, and many more prolific artists.
Music royalties and online streaming have provided handsome returns for private equity investors in the past few years.
In early 2021, KKR & CO. snapped up a majority stake in the catalogues of songwriter and producer Ryan Tedder and American pop rock band OneRepublic, valued at nearly US$200mln.
"Grab that cash with both hands and make a stash" as Pink Floyd's classic song 'Money' recommends.