Jan. 4 (Bloomberg) -- EMI Group Ltd. settled a dispute with Pink Floyd, the band that recorded the album “The Dark Side of the Moon,” and agreed to a further five-year deal after the group considered leaving the label.
The record company, which also owns rights to The Beatles’ catalog, will distribute and market Pink Floyd’s music after settling all legal disputes with the band, EMI said in an e-mailed statement today without giving details.
EMI had been in dispute with the group and was ordered in March last year to sell the band’s music in full album format rather than selling single songs online. Pink Floyd held talks with other record companies about leaving EMI, two people familiar with the matter said at the time.
“Pink Floyd are one of the most important and influential bands of all time,” EMI Chief Executive Officer Roger Faxon said in the statement. “It is a privilege to have the opportunity to work with them.”
EMI was acquired by Guy Hands’ Terra Firma Capital Partners Ltd. private equity group in 2007 in a 4 billion-pound ($6.3 billion) leveraged buyout. The firm has since written down the value of its investment in the label to zero.
Since Hands took over, musical acts including Queen, Paul McCartney, and The Rolling Stones have left the label.
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