Queen have reportedly reached a deal with Sony Music for the acquisition of their music catalog. According to HITS Daily Double and Variety, Sony Music has begun the process of acquiring the rights to the band’s back catalog, alongside merchandise and a selection of other business deals, for £1 billion (around $1.27 billion). The only part of the band’s revenue not covered in the deal is for live performances.
It’s the largest payment for a catalog acquisition in history, surpassing the $500 million that Sony reportedly paid to acquire Bruce Springsteen’s catalog back in 2021. Earlier this year, Sony also acquired a 50% interest in Michael Jackson’s music catalog for roughly $600 million (£471 million).
Variety also reports that another bidder came close to securing Queen’s catalogue, but stopped short at $900 million.
The deal is complicated by the fact that that Disney owns Queen’s owns the band’s recording rights in the US and Canada per a $10 million licensing deal that was struck in 1991. Queen also has a distribution deal with Universal that runs through as late as 2027, after which distribution rights outside the US and Canada will revert to Sony.
.){kind=link}