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Pink Floyd considering sale of recorded music catalog for hundreds of millions of dollars, say Bloomberg sources – Music Business Worldwide



Pink Floyd are considering the sale of the rights to their recorded music catalog.

That’s according to Bloomberg, which cites sources suggesting the band’s representatives recently reached out to potential acquirers in the music business.

Unsurprisingly, the Floyd catalog is expected to fetch a nine-figure sum (i.e. hundreds of millions of dollars) if it’s ultimately sold.

Bloomberg reports that the band has only begun talks with potential acquirers in recent days.

It’s an interesting exercise, therefore, to take a peek at the ownership structure of Floyd’s recorded music on streaming services.

According to Spotify‘s typically-reliable credits, for example, recorded (phonographic) rights to the classic album Wish You Were Here (1975) are owned by Pink Floyd Music Ltd., with no noted recorded music partner (see below).

(It’s often the case that a superstar catalog will be owned by Superstar Name Ltd/Inc under exclusive license to Universal/Sony/Warner etc.)

Recorded music rights to other classic Floyd albums – including Dark Side Of The Moon (1973), The Wall (1979), and The Division Bell (1994) – are listed one of two ways on Spotify:

  • (P) Pink Floyd Music Ltd, marketed and distributed by Parlophone Records Ltd, a Warner Music Group Company;
  • (P) Pink Floyd (1987) Ltd, marketed distributed by Parlophone Records Ltd, a Warner Music Group Company

Such phrasing suggests that Floyd likely have more control over their catalog than other artists who remain under lock-and-key licensing deals with major record companies.

Interesting bit of context: Warner Music Group acquired control of the Pink Floyd catalog via its GBP $487 million acquisition of Parlophone Label Group from Universal Music Group in 2013.

Another lucrative recorded music catalog that Warner took control of via that deal – David Guetta’s – ended up back in the hands of the artist last year, presumably after his exclusive licensing agreement with WMG expired.

Guetta subsequently sold full ownership of his masters catalog to Warner in a $100 million-plus deal, announced last summer.

Could Pink Floyd’s masters catalog be destined for a similar fate?

Will interest rate rises scupper Warner – or another potential buyer’s – ability to raise the debt necessary to pull off the deal?

Will Pink Floyd shun all offers and hold on to their catalog, in the hope that music’s revenues (and valuations) just keep on going up and up?

All possibilities. Interesting times.

Another bit of background: Pink Floyd isn’t the only major band/artist to see control of their historic recording rights revert back to them in recent times.

Last August, Aerosmith announced a multi-pronged deal with Universal Music Group that included the band moving its classic Sony Music recordings (examples: 1974’s Get Your Wings, 1975’s Toys in the Attic) into a distribution pact with UMG covering their entire career’s worth of music.

The following month, the David Bowie estate announced that it was moving the great artist’s entire recordings catalog inside a distribution deal with Warner Music Group.

This means that classic recordings previously licensed to Sony – such as 2016’s Blackstar – will be controlled by WMG from 2023.

Bob Dylan, having already sold his music publishing rights to Universal for over $300 million in 2020, last year also sold his recorded music rights to Sony Music / Columbia, in a deal believed to be worth around $150 million.

And towards the end of 2021, Bruce Springsteen sold a combination of both his publishing rights and his recorded music catalog to Sony Music Group for a price in the region of $550 million.

On the publishing side of the Springsteen deal, Sony agreed a co-funding/ownership pact with Eldridge Industries.Music Business Worldwide

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Ricardo Appointed to Support Transformation of the Greater Toronto Rail Network



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Experts will perform independent safety assessments during the design stage of the Go Expansion railway upgrade

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LONDON — Ricardo Certification has been appointed as the Independent Safety Assessor (ISA) for the forthcoming transformation of rail transit across the Greater Toronto and Hamilton Area (GTHA), Ontario, Canada.

As the ISA, Ricardo will provide independent scrutiny of the programme’s safety documentation during its design phase, ensuring it is in full compliance with relevant standards. Performing these assessments at this early stage will reduce the risk of delays or costly rectification works during the construction, installation and testing phases. The role was awarded by Metrolinx, a crown agency of the government of Ontario that is responsible for GO Transit, the regional network of rail and bus services in GTHA.

Richard Gibney, Certification Director, Ricardo Certification said: “We are delighted to be awarded this important safety role by Metrolinx. This is a complex, multi-faceted programme of works, with new rolling stock, a new traction system and extensive infrastructure upgrades which must be designed to the highest safety standards. Using experience of similar projects around the world, we will provide independent assessment to help ensure safety remains at the forefront throughout the key design stages.”

GO Transit’s rail network consists of seven lines operating out of Toronto’s Union Station, served by an aging fleet powered by diesel locomotives. Infrastructure limitations have imposed a variable timetable across the network, with traffic oriented towards peak rush hour direction. However, rail passenger numbers on GO Transit have steadily risen in recent years: in 2020 the network was carrying over 57 million passengers a year.

A rail upgrade programme, ‘GO Expansion’, will deliver a faster and more frequent service using modern electric-powered rolling stock. The programme also includes new track, signalling, and over 650km of electrification. The outcome will be a significant increase in services from 3500 (2019) trains per week to over 10,000, with services operating at least every 15 minutes. The new fleet is forecast to deliver a 50% reduction in operating costs per km.

As the appointed ISA, Ricardo teams will support the programme throughout the design phase to assess whether Metrolinx and ONxpress Transportation Partners have developed relevant safety documentation – including the system definition, system safety plan and safety case – in full compliance with standards such as the Canadian Method for Risk Evaluation and Assessment, and EN50126, the international standard for the specification and demonstration of Reliability, Availability, Maintainability and Safety (RAMS) for railway applications.

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As the first organisation to be accredited to ISO/IEC 17020:2012 under Canada’s new Independent Safety Assessor for Railway Systems Accreditation Program, Ricardo Certification has demonstrated its technical capabilities to the Standards Council of Canada (SCC), the national accreditation organisation.


Ricardo plc is a world-class strategic, environmental, and engineering consulting company, listed on the London Stock Exchange. With over 100 years of engineering excellence and employing close to 3,000 employees in more than 20 countries, we provide exceptional levels of expertise in delivering innovative cross-sector sustainable outcomes to support energy transition and scarce resources, environmental services together with safe and smart mobility. Our global team of consultants, environmental specialists, engineers and scientists support our customers to solve the most complex and dynamic challenges to help achieve a safe and sustainable world. Visit

Ricardo Certification comprises a set of companies within the Ricardo Group that perform independent assurance and testing services in rail and other sectors. Companies within Ricardo Certification are accredited against inspection and certification standards enabling them to offer accredited services in line with national and international rules and approval processes.

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Andrew Foulkes
Marketing Communications Manager
Ricardo Rail

Kathryn Bellamy
Group Senior Communications Manager
Ricardo plc
Telephone: +44(0)7921 941824


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Price hikes help India Inc fight margin pressure; operating profit up 20%, net profit by 34%



Despite the inflation in inputs, India Inc seems to have managed to protect its margins reasonably well by passing on the costs to consumers. Not all companies have been able to take price hikes to offset the entire increase in costs, but aggregate numbers for Q4FY22 show they have covered some ground.

For a universe of 927 companies (excluding banks and financials), operating profit margins contracted by only 50 basis points year-on-year to 16.37%, in the three months to March. Consequently, the operating profit went up by a good 20% y-o-y and the net profits by a handsome 34%.

Management commentary suggests companies plan to either raise prices further or offer smaller volumes for the same price to protect margins. By a rough reckoning, prices have been raised by 5-15% for consumer staples, 10-12% for durables, around 10% for automobiles, 5-15% for residential properties and around 5-8% at fast food eateries. By passing on the cost increases, companies have managed to grow their top lines despite, in many cases, selling smaller volumes. For the sample of 927 firms, net sales in Q4FY22 rose 24.2% y-o-y.

Hindustan Unilever, for instance, has upped prices by about 10%, enabling it to report a revenue growth of 11% y-o-y in Q4FY22 despite volumes staying flat. Despite a 9% y-o-y drop in volumes, Eicher Motors posted a revenue growth of 9% y-o-y, thanks to a 21% y-o-y increase in the average selling prices (ASPs). At Bajaj Auto, Ebitda margins were down 80 bps y-o-y despite price hikes. Tata Steel’s margins in Q4FY22 were softer but the management is hoping better realisations will offset the cost inflation in the current quarter.

Gross margins at Asian Paints came off by 450 bps y-o-y as the company was able to only partially offset the high raw material costs with price increases of 22% y-o-y. Again, the profit performance at JSW Energy was a modest one as the higher realisations of 4% y-o-y were inadequate to offset the higher cost of generation, which rose 23% y-o-y.

While profitability may have been under some pressure, the good news is that businesses that were hit by the pandemic are bouncing back with the economy opening up. AB Fashion and Retail, for instance, reported better-than expected Q4FY22 revenue growth of 25% y-o-y as the distributor channel recovered. Avenue Supermarts posted Q4FY22 revenue growth of 18% y-o-y, driven by a revival in same store sales growth and the contribution from 21 new stores added during the quarter. Sales of big-ticket items, however, were somewhat subdued. At Titan, for instance, jewellery sales were flat, impacted by the volatility in gold prices.

The strong show by commodity players and some turnaround performances do skew the numbers somewhat. The profit growth slows to 21.6% y-o-y from 34% if Reliance Industries, Tata Steel, Tata Motors and Adani Power are excluded; the four together account for 20.2% of the sample’s revenues. Tata Motors narrowed its losses to Rs 1,033 crore in Q4FY22 from Rs 7,605 crore in Q4FY21, while Tata Steel posted a strong 47% y-o-y growth in net profits. Adani Power posted a net profit of Rs 4,645.47 crore against Rs 13.13 crore reported a year ago.

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U.S. Stocks Poised to Open Higher on Monday



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