In what is being called a truly monumental transaction in the music industry, sources confirm that Sony Music has acquired the legendary rock band Queen’s entire song catalog for a massive $1.27 billion. According to Hits reports, this deal hands over the publishing and recorded music rights for Queen’s iconic rock songs like “Bohemian Rhapsody,” “Another One Bites the Dust,” and “We Will Rock You.”
However, founding members Brian May and Roger Taylor are holding onto the rights for their ongoing live performances with singer Adam Lambert. The two continue touring the globe decades after first rising to fame. Meanwhile, Disney will maintain rights to Queen’s North American recordings from the 2000s. But going forward, Sony is poised to reap rewards from these timeless anthems long into the future.
Word on the street says another deep-pocketed player got close in the high-stakes bidding but folded just short of the $900 million mark.
The mind-blowing success of the Freddie Mercury biopic “Bohemian Rhapsody” from a few years back also underscored Queen’s eternal appeal and name recognition. Insiders speculate we may see a West End or Broadway jukebox musical built around their hits launching in the coming years. With a collection as cherished as Queen’s, the possibilities are endless.
Though Sony avoided commenting on the massive deal, industry insiders confirm mega-deals for the likes of Bruce Springsteen and Bob Dylan’s music rights. Word is the Queen purchase has been in the works for Sony for months. Their extensive catalog is a publishing and recorded music powerhouse that will generate revenue for decades to come.
