One Media iP Group confirms it is offering £3.5 million for one per cent of the Pink Floyd catalogue

completemusicupdate.com:

London-based One Media iP Group has announced it has formally offered to buy a 1% stake in Pink Floyd’s music catalogue for £3.5 million, confirming that any deal done around the legendary band’s rights is going to be another mega-bucks transaction.

Indeed, some reckon the initial touted price of £350 million might be at the lower end of what can be secured in any bidding war.Bloomberg reported earlier this month that Pink Floyd was looking to capitalise on all the recent interest in buying up music rights, with both the band’s recordings and songs part of any possible deal.

The FT then last week cited sources who had said that both Warner Music and BMG were considering bids, the latter via its partnership with private equity outfit KKR.In a statement on Friday, One Media iP Group said that it had made a bid via its Harmony iP scheme which “is designed to partner with artists, producers and content owners by making percentage acquisitions in catalogue and royalty income streams”.

If it became a stakeholder in the band’s rights it would also provide use of its anti-piracy system TCAT, benefiting whoever got the other 99%.The firm’s CEO Michael Infante added: “Whilst our bid is for a single percentage share in Floyd’s phenomenal catalogue, our TCAT anti-piracy offer extends to the entire catalogue.