Sony Music has reportedly acquired the music catalogue of Queen in a deal that has been in the works for some time. Sources familiar with the deal that have spoken to Variety reveal that along with the back catalogue, merchandising and a selection of business opportunities, which will not include revenues from live performances, are included. While the exact financial details of the deal are yet to be officially released, the insiders have said that the deal has been secured for $1.27bn, making it the biggest acquisition of its kind to ever take place.
Sony has been particularly active in acquiring music catalogues over recent months, with the likes of Bob Dylan and Bruce Springsteen already added to its list of purchases. Variety’s sources stated that there was at least one other serious suitor for Queen’s back catalogue, but the highest bid it was willing to go to was $900m.
While the details of the deal are still coming to light, there is some confusion surrounding the logistics of Queen’s catalogue remaining divided between other industry giants and the parties involved. In the ’90s, Disney struck a deal that saw them secure the band’s recording rights in Canada and the United States. However, as things stand Universal Music Group remains the band’s worldwide distributor, and this should remain in place until the existing contract expires.
The filing statements of Queen Productions Ltd state that Brian May, Roger Taylor, John Deacon and the estate of Freddie Mercury are all equal shareholders in the company and garnered revenues of £40.8m in 2022.
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