In a significant move within the music industry, Sony has clinched a monumental deal to acquire Queen’s catalog for approximately $1.2 billion (£1 billion), as reported by Hits on Friday. Two sources confirmed the transaction’s magnitude to Variety, revealing Sony’s victory in a fierce bidding war against other major recording companies.
Under the terms disclosed by Hits, Sony will gain control over Queen’s extensive catalog of recorded music, excluding revenue generated from live performances. Founding members Brian May and Roger Taylor continue to perform alongside singer Adam Lambert, filling the legendary shoes of the band’s late frontman, Freddie Mercury.
Hits further detailed that Sony’s successful bid outstripped a competing offer of $900 million from another potential buyer. The deal, anticipated to be finalized in the coming weeks, marks a pivotal moment in the industry landscape.
In the North American market, Queen’s recorded music rights are currently held by Hollywood Records, a label under the Disney Music Group. Hollywood Records initially secured these rights through a distribution agreement with Queen in 1991, valued at $10 million. Despite Sony’s acquisition, Disney Music Group will retain perpetual rights to the band’s catalog in North America, albeit with significant royalties redirected to Sony under the new arrangement.
