Sony Music and an unnamed investor may soon purchase Queen's music catalog for a whopping $1 billion.
According to a report from Bloomberg, the band has been shopping their work around since May 2023, having been in talks with both Sony Music and its competitor, Universal Music Group (UMG.) UMG reportedly "let an exclusivity period on negotiations expire because the price the band wanted was too high." Queen originally sought roughly $1.2 billion for their works.
The purchase would be the most expensive sale of an artist or band's catalog. Both Bruce Springsteen and Bob Dylan's catalogs were purchased for $500 million by Sony Music in 2021 and 2020, respectively. The company also holds a 50% stake in Michael Jackson's catalog, which is valued at a total of at least $1.2 billion.
Queen members Brian May, Roger Taylor, John Deacon and the estate of the late Freddie Mercury are currently all equal shareholders in Queen Productions Ltd., which owns the global rights to the group's publishing and recorded music. Queen is estimated to bring in $45 million annually from recorded music and publishing, royalties from the Bohemian Rhapsody film, merchandise and British theatrical productions related to the band such as We Will Rock You.
Disney Music Group (DMG), which owns Hollywood records, owns the group's recorded music rights in North America. DMG and UMG have a global distribution agreement. This deal may complicate a future purchase by Sony Music and its collaborator.
The iconic rockers have sold more than 300 million records globally since beginning their careers in 1970. Their songs "Bohemian Rhapsody" and "Another One Bites the Dust" are some of the most played, best-selling rock n' roll tracks of all time. In 2005, the group's performance at Live Aid was voted to be the "greatest live show of all time" by a group of artists, journalists and music industry executives.
The 2018 film Bohemian Rhapsody, a biopic of Mercury starring Rami Malek, brought in over $900 globally, earning it the title of highest-grossing musical biopic of all time. The movie led to "Bohemian Rhapsody" re-entering the Billboard Hot 100 at No. 33.
Artists selling off their catalogs has become popular in recent years, with artists like Neil Young and bands like KISS allowing major companies and labels to buy the rights to their music, name, image and/or likeness.
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