Queen have reportedly reached an agreement with Sony Music over a long-planned acquisition of their music catalogue and other assets.
Read more: Does Rock and Roll Kill Brain Cells?! – Brian May
Variety reports that sources familiar with the deal confirmed that Sony is currently in the process of acquiring Queen's back catalogue, merchandise and other business opportunities. The only revenue the band will not receive from live performances is not included in the deal, according to Variety.
According to Variety's sources, the deal was finalized for $1.27 billion (£1 billion), making it the largest acquisition of its kind to date. In 2021, Bruce Springsteen sold his back catalogue to Sony for an estimated $500 million (£393 million). In 2022, Sony acquired Bob Dylan's entire back catalogue in the same deal. Sony also bought a 50% stake in Michael Jackson's music catalogue for around $600 million (£471 million).
Queen performed in concert with Freddie Mercury in a black leotard at the Forum in Inglewood, California, on December 22, 1977. (Photo: Richard Creamer/Michael Ochs Archive/Getty Images)
Variety also reported that another bidder came close to acquiring the Queen catalog, but stopped short at $900 million. It is not yet clear who that bidder is. Sony Music has declined to comment on the deal.
The logistics of the Queen deal are still somewhat complicated, considering Disney currently owns the band's recording rights in the U.S. and Canada, based on a deal it signed in the '90s. Universal Music Group also serves as the band's worldwide distributor, and will continue to do so for the next few years until its existing contract expires.
Queen's surviving members Brian May, Roger Taylor and John Deacon, as well as the estate of late frontman Freddie Mercury, are equal shareholders in Queen Productions Ltd, which has reported revenues of $52 million (£40.8 million) in 2022, according to company filings.
Queen's Brian May, 2023. Photo by Miika Scafari/Getty Images
In other Queen news, guitarist and founding member Brian May praised The Who's Pete Townshend in May, saying he “basically invented the rock guitar.” The guitarist recently joined The Offspring onstage for a live rendition of their covers of “Gone Away” and “Stone Cold Crazy.” He also performed with French composer and performer Jean-Michel Jarre at Starmus Festival.