Blackstone Group Inc. BX, +1.91% is seeking to acquire the back catalog of major art rock band Pink Floyd for nearly $500 million, the Financial Times reported on Thursday. Blackstone already owns a majority stake in Hipgnosis Song Management, and would set up the deal through that business, the newspaper reported, citing corporate filings. Sony Music, Warner Music Group WMG, +1.43%, KKR & Co. Inc.-backed KKR, +1.51% BMG and Oaktree-backed Primary Wave are also bidding, the newspaper reported, citing five people familiar with the deal. Pink Floyd is hoping to fetch a price of about $473 million for the copyrights to its songs and master copies of its records, which include the blockbuster 1973 album, “Dark Side of the Moon.” Shares of Blackstone are down 20.6% in 2022, compared to a 13.1% drop by the S&P 500 SPX, +0.87%.
