The deal will be the largest in history
Sony Music is nearing completion of purchasing Queen’s catalog for $1.27 billion, marking the biggest music acquisition in history. Hits reports the deal includes the band’s recording and publishing rights, along with its name and likeness. The deal does not include performance royalties as founding members Brian May and Roger Taylor continue to tour under the Queen name with Adam Lambert.
The deal is expected to close in the coming weeks with Sony outbidding the competition who reported offered to pay no more than $900,000.
Disney has controlled the Queen catalog in the US and Canada since 1991 when it paid $10 million for a licensing deal. The House of Mouse purchased the band’s recorded music rights for an undisclosed amount in the 2000s which it will receive payment in perpetuity. Universal Music Group controls distribution to the rest of the world, rights Sony will acquire when that deal expires in 2026 or 2027.
Sony previously purchased the rights to the recorded catalogs and publishing of Bruce Springsteen for $500 million in 2021 and Bob Dylan for $400 million in 2020. The company has yet to confirm either deal publicly.
The deal is likely led by the success of the band’s 2019 biopic, Bohemian Rhapsody, which earned almost $1 billion at the international box office. The No. 1 music film of all time in the United States won four Oscars for “Performance by an Actor in a Leading Role Rami Malek,” “Achievement in Film Editing,” “Achievement in Sound Editing” and “Achievement in Sound Mixing.” The film took home two Golden Globe awards for “Best Motion Picture (Drama),” and Rami Malek for “Best Actor Motion Picture” for his portrayal of their flamboyant frontman Freddie Mercury.
In 2018, “Bohemian Rhapsody” was named the world’s most-streamed song from the 20th century, as well as the most-streamed classic rock song of all time. Universal Music Group’s teams around the world have actively promoted discovery across streaming platforms, physical reissues, merchandise, and experiential programs to introduce “Bohemian Rhapsody” to new fans more than 40 years after it was first recorded. In December 2018, the original song and official video for “Bohemian Rhapsody,” taken from Queen’s seminal 1975 album A Night At The Opera, surpassed 1.6 billion streams globally across all major streaming services.
