Sony has made a massive acquisition in the music space, acquiring the catalog of legendary rock band Queen for a whopping $1.27 billion, according to a report from Hits and later confirmed by Variety.
According to Variety, the only revenue not covered in the deal is for live performances, which founding members Brian May and Roger Taylor, who still actively tour with singer Adam Lambert, will retain.
The bidding came down to Sony and an undisclosed player who was said to be very close but stopped short at $900 million, allowing Sony to walk away with the catalog.
There is no denying the iconic value of Queen’s catalog, which includes such memorable hits as “Bohemian Rhapsody,” “Another One Bites the Dust,” “Radio Ga Ga,” “39,” “Somebody to Love” and “You’re My Best Friend” as well as the iconic “We Will Rock You” and “We Are the Champions” which have been globally integrated with major sports leagues especially during games and during championship celebrations.
Furthermore, the success of the 2018 biopic “Bohemian Rhapsody” demonstrates the potential for the group’s name and likeness rights and could also hint at a potential musical presentation for Broadway or in London in the future.
It is worth noting that the catalog, which has been in play for the last several years, is complicated by the group’s recorded-music rights for the United States and Canada, which were acquired by entertainment juggernaut Disney, for an undisclosed price, at some time during the 2000s following an initial $10 million licensing deal back in 1991, with those rights remaining with Disney in perpetuity, although certain of the bandmembers’ remaining royalties from them will go to Sony once the deal officially closes.
Queen’s distribution deal is current with Universal, but will go to Sony in all territories outside the United States and Canada when it expires in 2026 or 2027.
