QUEEN has reportedly finalized a deal with Sony Music to acquire their music catalogue and additional assets, a process that has been underway for some time.
According to a report from Variety, sources familiar with the deal have confirmed that Sony is acquiring QUEEN’s back catalogue, along with merchandising and other business opportunities. However, the band’s revenue from live performances will not be included in the deal.
Adding complexity to the deal is that Disney Music Group owns QUEEN‘s recorded music catalogue in North America, which it acquired in the 2000s.
The $1.27billion (£1billion) price tag makes QUEEN‘s deal the largest of its kind, surpassing the $500 million that Sony reportedly paid to acquire Bruce Springsteen‘s catalogue in late 2021.
Earlier this year, Sony also acquired a 50% stake in Michael Jackson‘s music from the late singer’s estate for at least $600 million.
Variety also reports that another bidder nearly secured QUEEN’s catalogue but halted at $900 million. The identity of this party remains unclear. Sony Music has declined to comment on the deal.
QUEEN band members Brian May, Roger Taylor, and John Deacon, along with the Freddie Mercury estate, each hold equal shares in Queen Productions Ltd, the company that owns the group’s recording catalog outside the US and Canada.
According to the latest annual report from Queen Productions Ltd., the band earned £40.89 million in the fiscal year ending September 30, 2022.
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