Sony to Buy Queen’s Music Catalog for Over $1 Billion: Report
Sony Music is in the process of acquiring the Queen music catalog for a reported sum of $1.27 billion, as per sources cited by Variety. The deal, which was first reported by Hits Daily Double, excludes revenue from live performances by the band’s founding members who currently tour with Adam Lambert. Interest in the catalog was high, with another buyer withdrawing when the price reached $900 million. The acquisition includes a collection of iconic Queen songs such as “Bohemian Rhapsody,” “Another One Bites the Dust,” and “Radio Ga Ga,” along with other hits that are staples at sports events like “We Will Rock You” and “We Are the Champions.” Queen, established in 1970, remains a significant and influential presence in the rock music industry.
The Queen music catalog is soon to be acquired by Sony Music for an astronomical sum, according to recent reports.
Two sources told Variety that the sale worth a rumored $1.27 billion is in the works. Per Hits Daily Double, the original outlet that broke the story, the only revenue not included in the deal is live performances by two of the band’s founding members, who tour with singer Adam Lambert.
The outlet noted that another interested buyer tapped out when the figure reached $900 million.
This acquisition includes a plethora of money-making songs, which is what attracted such high sales figures. Internationally recognized classics, including “Bohemian Rhapsody,” “Another One Bites the Dust,” and “Radio Ga Ga” are all part of the deal. The hit Queen singles “We Will Rock You” and “We Are the Champions” are frequently played at sporting events.
Queen is a British rock band founded in 1970. The founding members included Freddie Mercury (lead vocals, piano), Brian May (guitar, vocals), and Roger Taylor (drums, vocals). John Deacon (bass) joined the group later.
The band is one of the best-selling music artists in the world. Queen received the Brit Award for Outstanding Contribution to British Music and was inducted into the Rock and Roll Hall of Fame in 2001. Each band member composed at least one hit single, leading to all four members being inducted into the Songwriters Hall of Fame in 2003.
Variety noted that Disney owns Queen’s recorded-music rights for the U.S. and Canada, which the company bought in the early 2000s. Disney would keep those rights, but some of the band members’ hefty royalties being paid out by Disney would now go to Sony, as would the group’s distribution deal and rights outside those two countries.
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The acquisition would also include name and likeness rights, paving the way for musicals and other potentially lucrative future projects. For example, the 2018 biopic “Bohemian Rhapsody” about Mercury’s life pulled in more than $900 million against a $52 million production budget.
Sony is notoriously quiet about their big acquisitions, which, in the past, included Bruce Springsteen’s publishing and recorded-music rights and Bob Dylan’s recorded-music rights, the outlet noted. Neither of those deals were ever officially confirmed but have been suspected for years.
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