In what could be the biggest catalog deal in history, the legendary band Queen has sold off the rights to their massive catalog of hits. Sony Music has secured the bag, landing most of Queen's publishing and master recording rights for a reported $1.27 billion.
Multiple sources confirm the nine-figure sale is in the works, with Variety reporting the deal could close within weeks. While details are still emerging, we know Sony will now control global exploitation of Queen's timeless songs like "Bohemian Rhapsody," "We Will Rock You," and "We Are The Champions."
Not included in the sale are the rights to Queen's live performances, which will remain under the control of surviving members Brian May and Roger Taylor as they continue touring. But virtually every other way fans interact with Queen's music going forward will now go through Sony.
The biopic Bohemian Rhapsody, which netted the band an Oscar, significantly boosted the value of Queen's catalog. The 2018 film turned their greatest hits into box office gold once more. With ownership, Sony can maximize this renewed interest across streaming, downloads, placements, and beyond.
Disney held North American distribution for years after initially licensing Queen's music in the 90s. Universal currently distributes globally except in certain areas kept by Disney. But it seems a shift is underway, as distribution duties will transition to Sony worldwide in the coming years.
By acquiring Queen's name and likeness rights as part of the package, Sony also gains control over potential new projects like a jukebox musical. We could see the band's songs featured more prominently in ads and media too. At $1.27 billion, this monumental music empire sale would surpass even Bruce Springsteen's massive $500 million publishing deal with Sony from last year.