EMI reaches a five-year deal with Pink Floyd after lawsuit

 
Marion Dakers
PINK Floyd has agreed to a five-year deal with record label EMI, following a year of legal disputes.

The British rock group took EMI to court last year in an effort to protect its albums, with a high court judge ruling that the label could not sell individual songs without consent.

However, yesterday’s deal with the loss-making label will reportedly allow the sale of digital downloads of single songs from the Pink Floyd’s back-catalogue for the first time.

EMI has not disclosed the terms of the agreement, but chief executive Roger Faxon said the label is “looking forward to continuing to help the band reach new and existing fans through their incredible body of work.”

EMI has lost several high profile bands since being bought by Guy Hands’ Terra Firma private equity vehicle in 2007.

Hands has until 31 March to prepare the label for its next loan covenant test. If EMI fails, lender Citigroup could seize the company.