Queen Close to Selling Catalog to Sony for £1 Billion

The Queen music catalog, along with a number of other rights, is in the process of being acquired by Sony Music for £1 billion (around $1.27 billion). 

Per Hits, the only revenue not covered in the deal is for live performances, which founding members Brian May and Roger Taylor, who still actively tour with singer Adam Lambert, will retain.

One other player was said to be very close in the bidding but stopped short at $900 million.

Queen’s music catalog is among the most valuable of the rock era — with classics like “Bohemian Rhapsody,” “Another One Bites the Dust,” “Radio Ga Ga,” “39,” “Somebody to Love” and “You’re My Best Friend” as well as the perennial stadium-shakers “We Will Rock You” and “We Are the Champions,” the songs are globally popular and enormously lucrative. 

The success of the 2018 biopic “Bohemian Rhapsody” shows the potential for the group’s name and likeness rights and the likelihood of a jukebox musical that could open in London or on Broadway and then tour indefinitely.

The catalog, which has been in play for several years and inching toward Sony for the past few months, is complicated by the group’s recorded music rights for the U.S. and Canada, which were acquired by Disney, for an undisclosed price, at some point in the 2000s after an initial $10 million licensing deal that was struck in 1991. Those rights will remain with Disney in perpetuity, although certain of the bandmembers’ remaining royalties from them will go to Sony once the deal closes. Similarly, the group’s distribution deal, which is currently with Universal, will go to Sony in all territories outside the U.S. and Canada when it expires in 2026 or 2027.

Queen was formed in London in 1970 by May and Taylor — who previously played together in a group called Smile — joined by Freddie Mercury on vocals and piano and, the following year, John Deacon on bass. 

Multiple record labels were initially passed on to the group before a deal was struck with EMI. That label released Queen’s self-titled first album in 1973, which included the May-penned hit “Keep Yourself Alive,” and all of the studio albums that followed (except for the Disney released in the U.S. and Canada).

While the group scored U.K. hits over the next couple of years with the singles “Seven Seas of Rhye” and “Killer Queen,” their global breakthrough came in 1975 with “Bohemian Rhapsody,” a Mercury-penned mini-symphony that has become one of the longest and most unusual hit singles of all time.

The band soon became one of the biggest in the world, with each member penning a No. 1 single over the following decade: Along with Mercury’s “Bohemian Rhapsody,” there was May’s “We Will Rock You” in 1977, Deacon’s “Another One Bites the Dust” in 1980 and Taylor’s “Radio Ga Ga” in 1984. 

Although they never quite dominated the U.S. on the scale of other territories, the group played stadiums all over the world and for several years held the all-time attendance record for a single concert when their 1985 performance at the Rock in Rio Festival in Brazil drew an estimated 600,000 people. Tragically, Mercury contracted the AIDS virus and died of complications from the disease in 1991.

Queen’s legacy has not only endured but grown over the years, with its songs still receiving extensive airplay on the radio and at sporting events — “We Will Rock You” and “We Are the Champions” are stadium staples — as May and Taylor, now in their mid-seventies, continue to tour under the group’s name.