Sony Music’s $1B acquisition of Queen’s catalog sets new record
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LONDON, June 23: Sony Music has reportedly acquired the iconic music catalog of legendary British rock band Queen in a monumental deal exceeding $1 billion, according to industry reports.
The music industry trade publication Hits disclosed on Friday that Sony emerged as the victor in a competitive bid against other major recording companies, securing ownership of Queen’s catalog for an astounding £1 billion, equivalent to approximately $1.2 billion. Variety confirmed the staggering agreement with two independent sources.
Under the terms outlined by Hits, Sony will gain control of Queen’s extensive music repertoire, except for revenues generated from live performances. Despite the band’s frontman Freddie Mercury’s passing, founding members Brian May and Roger Taylor, alongside singer Adam Lambert, continue to captivate audiences worldwide under the Queen name through live performances.
Hits also revealed that a rival bidder offered $900 million for Queen’s catalog but fell short of Sony’s winning bid. The publication anticipates the deal’s finalization within “the next few weeks.”
In the United States and Canada, Hollywood Records, a label within the Disney Music Group (DMG), currently holds the rights to Queen’s recorded music catalog. Hollywood Records initially secured Queen’s North American catalog through a distribution deal in 1991, valued at $10 million. Per the arrangement with Sony, DMG will maintain ownership of Queen’s North American rights indefinitely, although significant royalties previously allocated to Queen members under the DMG contract will now be redirected to Sony.
Furthermore, Universal Music Group presently holds worldwide licensing rights to Hollywood Records’ Queen catalog through an existing agreement with DMG. Hits indicate that these rights will transition to Sony upon the conclusion of the licensing arrangement in either 2026 or 2027.
Representatives for Sony, DMG, and Queen have yet to provide commentary on the reported acquisition.
Sony’s billion-dollar transaction stands as the most expensive music catalog purchase in history, eclipsing previous record-setting deals. Notably, in 2021, Bruce Springsteen reportedly sold his recorded music and publishing catalog to Sony Music for approximately $600 million. Likewise, Bob Dylan’s publishing rights were acquired in 2020 for around $400 million, with Sony Music later securing his recorded music catalog for an estimated $150 million to $200 million in January 2022. However, the exact amounts for these acquisitions remain undisclosed.
Formed in 1970, Queen, featuring Mercury, May, Taylor, and Deacon, ascended to global rock stardom, becoming one of the best-selling bands of all time. Their timeless hits, including “Bohemian Rhapsody,” “Don’t Stop Me Now,” and “We Are The Champions,” continue to resonate with audiences worldwide, particularly bolstered by the success of the 2019 Freddie Mercury biopic “Bohemian Rhapsody,” which garnered widespread acclaim and revitalized interest in the band’s music.
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