After years of arguments over the sanctity of the concept album, Pink Floyd and EMI appear to be comfortably at one.

A mere 10 months after hauling their record company to the high court to teach it a lesson about preserving "the artistic integrity" of their albums by not selling individual songs, the veteran prog rockers have signed a deal allowing the sale of single digital downloads.

The five-year agreement, announced today, settles all outstanding legal disputes between EMI and the surviving band members – Roger Waters, David Gilmour and Nick Mason.

Under the terms of the deal, the record company will continue marketing and distributing Pink Floyd's catalogue, which is viewed by many as being second in value only to that of the Beatles.

EMI would not discuss the terms of the deal, nor disclose how much it is worth. However, the company released a statement lavishing praise on the band responsible for Wish You Were Here, Animals and The Wall.

"Pink Floyd are 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," the EMI Group CEO, Roger Faxon, said.

"We're looking forward to continuing to help the band reach new and existing fans through their incredible body of work."

Neither Waters, Gilmour or Mason could be reached for comment today.

The band's decision to offer fragments of their famous concept albums for 99p each on iTunes is likely to disappoint prog rock purists who applauded their stand against EMI.

During March's legal battle, lawyers for the band told a high court judge the tracks that made up Pink Floyd's seminal albums could not be unbundled and sold as individual downloads.

Robert Howe QC told the court it would have been "a very odd result" if band members were able to control how their music was sold in its physical form, but there was "a free-for-all with no limitation on online distribution".

The judge eventually sided with the band, telling the label it had to adhere to a clause in its contract with the group intended to "preserve the artistic integrity of the albums". He also ordered EMI to pay Pink Floyd's costs.

Today's agreement will come as a relief to the label, which has lost acts including Queen, the Rolling Stones, Paul McCartney and Radiohead since being taken over by the private equity firm Terra Firma three years ago.

The deal will also further swell the coffers of Pink Floyd. The band, who have been signed to EMI since 1967, have sold more than 200m albums.

Among them are classics such as The Dark Side of the Moon, whose most famous track contains the immortal line: "Money, it's a crime/Share it fairly, but don't take a slice of my pie."