Sony Music is reportedly in talks to buy Queen's music catalogue for £800 million.
The “Bohemian Rhapsody” legends, whose massive hits include “We Are The Champions,” “Radio Gaga” and “We Will Rock You,” are said to be in talks about a possible deal for their iconic collection of songs.
Bloomberg reported that Sony is working with other investors on the proposal, which would be the largest of its kind and would also include products and other business ventures.
Discussions about a $1 billion deal are reportedly ongoing but may never reach an actual agreement.
Sir Brian May, Roger Taylor, John Deacon and the Estate of Freddie Mercury are equal shareholders in Queen Productions Ltd.
Early discussions are also said to have taken place between the band's lawyers and Sony and Universal Music Group, who own the North American masters.
It was suggested earlier this year that Deacon, who has not taken part in any public activities with the band since their 1992 Freddie Mercury tribute concert following the frontman's death the previous year, would not be included in a share of the assets in a potential deal.
Other classics in the catalogue include “Another One Bites the Dust,” “Crazy Little Thing Called Love,” “Killer Queen” and “Somebody to Love,” and the band has released 15 studio albums, including their final LP, 1995's “Made in Heaven,” which featured recordings made by Freddie Mercury before his death.
The agreement comes after a number of catalogs by big-name composers, including Bruce Springsteen, Neil Young, Bob Dylan and David Bowie, have been sold in recent years and acquired for hundreds of millions of dollars.
The prospect of recurring royalties through use in film, television, radio and advertising has proven an attractive investment for record companies.