Sony Music is reportedly in discussions to purchase the music catalogue of the rock band Queen, which includes iconic hits like Bohemian Rhapsody, Radio Ga Ga, and Another One Bites The Dust.
According to Bloomberg reports, Sony is collaborating with another investor on this potential transaction, valued at around $1 billion (£790 million).
Negotiations are ongoing, and there’s no guarantee of a finalized sale.
If the deal proceeds, it would encompass Queen’s songs along with all associated intellectual property, including logos, music videos, merchandise, publishing rights, and other commercial opportunities.
These discussions have been ongoing since last year.
Universal Music has also shown interest due to its long-standing relationship with Queen, dating back to the band’s signing with British label EMI in 1972. Queen continued with Universal after its acquisition of EMI in 2011.
This potential $1 billion deal would mark a significant milestone, exceeding Sony’s previous $500 million acquisition of Bruce Springsteen’s catalogue in 2021.
Earlier this year, Sony also acquired a 50% stake in Michael Jackson’s music from his estate for at least $600 million.
Queen’s popularity, with 52 million monthly listeners on Spotify, surpasses that of Jackson and Springsteen, partly fueled by the success of the Bohemian Rhapsody biopic and ongoing tours with Adam Lambert.
In the UK, Queen’s Greatest Hits Vol. 1 remains the highest-selling album of all time, with over 7 million copies sold. It even outsold new releases by Ed Sheeran and the Rolling Stones in 2023.
Queen Productions Ltd, according to recent financial reports, earned $52 million (£42 million) in the year ending September 2022. This revenue is divided equally among band members Brian May, Roger Taylor, John Deacon, and the late Freddie Mercury’s estate.
The sale of music catalogues has become a lucrative market, with record labels and investors acquiring rights to music by various artists for substantial sums.
These deals offer financial security to artists and their estates, while buyers aim to capitalize on music’s enduring revenue potential through licensing, merchandise, and royalties.
Despite challenges such as fluctuating interest rates impacting long-term valuations, Queen’s catalogue remains highly desirable due to the enduring appeal of their music.
However, negotiations are complicated by Disney Music Group’s ownership of Queen’s recorded music catalogue in North America. Outside of North America, the band retains ownership of rights, including global publishing rights.
Sony Music and Queen’s representatives have been contacted for comments by the BBC.
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