FT take on EMI-Floyd deal

TAKE OF THE DAY: “’Money—it’s a gas—grab that cash with both hands and make a stash,’ sang David Gilmour of Pink Floyd in 1973. At the time, lank-haired fans assumed he was being satirical. However, the band may simply have been setting their mission statement to music. Last March EMI lost a court case (usually that is the job of owner Guy Hands) brought by Pink Floyd. The argument advanced by barristers representing the psychedelic doomsters was that the record company should stop selling individual tracks online to ‘preserve the artistic integrity’ of its concept albums. But band members have now struck a deal with EMI that will allow the practice to continue. This is a coup for Roger Faxon, the chief executive whose business could yet tumble into the hands of creditor Citigroup this year if Mr Hands cannot raise new funds. It is, meanwhile, a fair bet that Messrs Gilmour, Waters and Mason will get a bigger slice of online royalties as balm to their hurt feelings. Because old rockers do not fade away. They just sell out.” —Financial Times columnist Jonathan Guthrie (1/5a)