One Media bids £3.5 million for 1% stake in Pink Floyd catalogue

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One Media IP Group PLC on Friday said that it has submitted a bid of £3.5 million for a 1% stake in the back catalogue of UK rock band Pink Floyd.

Pink Floyd have placed their entire back catalogue of music for sale for an estimated £350 million.

On Thursday, the Financial Times reported that Warner Music Group Corp and Sony Group Corp's Bertelsmann Music Group are battling for Pink Floyd's back catalogue.

This has the potential to top Bruce Springsteen's record musical rights sale to Sony last year, worth an estimated half-billion dollars.

The musical rights industry has gained in popularity in recent years, with several top artists selling their catalogues for impressive sums. Bob Dylan sold his catalogue to Universal Music for some $300 million and recently, the entire catalogue of Canadian singer-poet Leonard Cohen was acquired for an undisclosed consideration.

Digital music rights acquirer, publisher and distributor One Media said that there is no certainty that its offer will be considered or accepted by the vendors.

Shares in One Media were up 1.1% at 6.98 pence in London on Friday morning.

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