Sony has reportedly purchased Queen's catalogue for around $1.27 billion dollars USD ($1.74b CAD).
According to Variety, the label has now acquired the rights to the band's biggest hits such as "Bohemian Rhapsody," "We Will Rock You," "Radio Ga Ga" and Another One Bites The Dust," as well as all intellectual property, including the rights to all visuals, logos, merchandising and any other business opportunities. It is said to be the largest deal of its kind.
The only rights that remain with the surviving band members are from any revenue generated by live performances, featuring founding members Brian May and Roger Taylor.
Variety adds that another bid was made for the catalogue but failed to surpass the $900 million mark.
One issue that complicates matters is that the Disney Music Group owns Queen's music catalogue in North America. Variety explains that "those rights will remain with Disney in perpetuity, although certain of the bandmembers’ remaining royalties from them will go to Sony once the deal closes. Similarly, the group’s distribution deal, which is currently with Universal, will go to Sony in all territories outside the U.S. and Canada when it expires in 2026 or 2027."
The sale for $1.27 billion surpases the $500 million ($700m CAD) Sony paid for Bruce Springsteen's catalogue back in 2021.
Queen continues to be one of the biggest selling catalogue artists, thanks to the success of the 2018 biopic, Bohemian Rhapsody, which won Rami Malek an Oscar for his portrayal of frontman Freddie Mercury.
The band's 1981 Greatest Hits collection continues to be a best-seller around the world, having sold over 25 million copies, while finding new life through streaming and vinyl reissues.
Queen Productions Ltd made a reported $52 million USD in the year ending September 2022 for surviving members John Deacon, Brian May and Roger Taylor, as well as the estate of Freddie Mercury.
This article has been updated from a previous report in which Bloomberg first disclosed Sony was in talks to acquire Queen's catalogue.