A year after anonymous sources indicated a deal was underway with Universal Music Group, the legendary Queen music catalogue is now in the process of being acquired by Sony Music.
The price tag for stadium-shaking bangers like ‘Bohemian Rhapsody,’ ‘We Will Rock You,’ ‘Another One Bites The Dust,’ ‘We Are The Champions,’ ‘Don’t Stop Me Now,’ and ‘Somebody To Love’?
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According to Variety, Sony is pretty much getting the whole enchilada — along with “a number of other rights” — for an eye-watering £1 billion (AU$1.9 billion). The only rights they won’t retain are those of live performances, given surviving guitarist Brian May and drummer Roger Taylor still tour as Queen.
This sale has been in play for several years now, with negotiations being stalled by Disney Music Group, which had acquired the group’s US and Canada recorded music rights for an undisclosed price in the early 2000s.
As explained by multiple reports, these rights will remain with Disney in perpetuity, though a portion of Queen’s remaining royalties from the behemoth of a media company will now be funnelled straight into the Sony accounts once the deal is all squared away.
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This marks the most expensive publicly disclosed music catalogue acquisition to date, outpacing some of the following notable ownership transfers in recent history:
- Bruce Springsteen — US$500 million (publishing & recorded music rights)
- Bob Dylan — US$300 million (publishing rights)
- David Bowie — US$250 million (publishing rights)
- Justin Bieber — US$200 million (publishing & recorded music rights)
- Justin Timberlake — US$100 million (publishing & recorded music rights)
- Calvin Harris — US$100 million (publishing & recorded music rights)
- David Guetta — US$100 million (publishing & recorded music rights)
It’ll also exceed the rumoured sale of Michael Jackson’s iconic works, also to Sony Music — half of which were previously evaluated at US$900 million; since adjusted to US$600 million.
