In a rare bit of good news for debt-wracked EMI Music, the company has signed a five-year global agreement with the litigious Pink Floyd.
Other terms of the agreement were not disclosed. EMI will continue to market and distribute Pink Floyd’s catalog, which is controlled collectively by the band members.
Last March, Pink Floyd won a suit against EMI in London High Court. The band was awarded an interim judgment of $60,000 after it claimed the music company sold its music on a track-by-track basis on the Internet, in violation of its contract. EMI was also barred from selling Pink Floyd’s catalog online (Daily Variety, March 12).As a result of the deal, all legal disputes between the group and EMI have been settled.
Founded in the ’60s and one of the U.K.’s top bands of the psychedelic era, Pink Floyd has produced 14 studio albums and three live sets, and has reaped sales of more than 200 million units in the U.S. alone, according to EMI.
The band’s 1979 opus “The Wall” has been certified for sales of 23 million by the RIAA, while 1973’s “The Dark Side of the Moon” has been certified for sales of 15 million and holds the American record for chart longevity.
EMI group CEO Roger Faxon said in a statement, “Pink Floyd is one of the most important and influential bands of all time and I know I speak for everyone at EMI when I say that it is a privilege to have the opportunity to work with them.”