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The process is ongoing and Blackstone is not
close to striking a deal for the group behind hits such as "Wish
You Were Here", "Comfortably Numb" and "Another Brick in the
Wall", the people said.
Blackstone declined to comment, while representatives for Pink
Floyd did not immediately respond to a request for comment.
The Financial Times earlier reported that the buyout firm would
through Hipgnosis Song Management strike the deal that could
value the band's songs at almost half a billion dollars.
Blackstone last year took an ownership stake in Hipgnosis as
part of a partnership that planned to deploy around $1 billion
to buy music rights and record songs.
Founded by former Elton John manager Merck Mercuriadis,
Hipgnosis advises UK-listed Hipgnosis Songs Fund that lets
investors get a piece of the action in music royalties.
Private equity interest in music catalogs has risen in the past
few years due to steady returns from royalties and the rise of
online streaming. KKR & Co Inc last year bought a majority stake
in OneRepublic artist Ryan Tedder's catalog valued at $200
million.
A Pink Floyd deal would also further Blackstone's broader push
into digital content, with the buyout firm last year agreeing to
buy most of Hollywood actress Reese Witherspoon's media company,
Hello Sunshine.
(Reporting by Mehnaz Yasmin in Bengaluru and Chibuike Oguh in
New York; Editing by Aditya Soni)
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