Sony Music is reportedly in the process of acquiring Queen’s music catalog for a record £1 billion, or $1.27 billion, Hits Daily Double first reported.
The only revenue not covered in the deal, which is expected to close in the coming weeks, will be for live performances, Variety reported. Queen founding members Brian May and Roger Taylor, who actively tour with singer Adam Lambert, will still retain those funds, according to both outlets.
Disney and Universal Music Group will permanently keep the rights to distribute Queen’s records in North America, but the band’s royalties will go to Sony Music. For global distribution, the rights will transfer from UMG to Sony Music in 2026 or 2027.
Queen is one of the world’s best-selling music acts of all time, with an estimated 300 million records sold globally, according to Billboard.
The band was inducted into the Rock and Roll Hall of Fame in 2001 and — with all original members being included — was the first group to be inducted into the Songwriters Hall of Fame in 2003.
In 2005, Queen received the Ivor Novello Award for Outstanding Song Collection from the British Academy of Songwriters, Composers, and Authors. The band was given the Grammy Lifetime Achievement Award in 2018.
The $1.27 billion price tag for Queen’s catalog is the largest music rights sale on record — more than Bruce Springsteen who also previously sold his rights to Sony Music for $500 million in 2021. Sony Music also reached a deal to buy half of Michael Jackson’s publicist and recorded masters catalog for $600 million.
Earlier this year, KISS sold the rights to their entire music catalog including publishing and master recordings, name, logo, image and likeness to Swedish company Pophouse Entertainment for $300 million.
The pattern follows a series of bands and musicians selling their rights for money. Artists like Bob Dylan, Stevie Nicks, Blondie, Journey and more have sold their rights to major music companies.
