Sony Music is preparing a A$1.51 billion offer to acquire Queen’s music catalogue, reported Bloomberg this week.
Sony is working with another investor on the purchase, which will also cover merchandising, said people familiar with the matter.
Original bandmates Brian May, Roger Taylor, John Deacon and the estate of Freddie Mercury are equal shareholders in Queen Productions Ltd., which produced revenue of approximately A$78.57 million for the year ended September 30, 2022.
Some of Queen’s iconic hits include Bohemian Rhapsody, Don’t Stop Me Now, Another One Bites the Dust and We Will Rock You.
Sony’s move to acquire Queen’s catalogue follows similar deals it has struck with other artists.
In 2021, Sony acquired Bruce Springsteen’s back catalogue for an estimated A$756.89 million. Earlier this year, Sony reportedly acquired a half interest in pop star Michael Jackson’s music catalogue from the late singer’s estate for at least A$908.26 million.
Sony Music’s rivals have also struck similar deals. In 2022 Warner Music acquired David Bowie’s songbook for about A$378.44 million. Universal Music Group this year bought a minority stake in Chord Music Partners, the latter of which owns more than 60,000 songs from artists including the John Legend, Weeknd and Lorde.
Talks to acquire music catalogues have often hit a rough patch even when it comes to established names in the music industry. In 2022, for example, members of cult band Pink Floyd decided to sell their catalogue for at least A$756.89 million, but bids to do so failed to materialise.
There has been no confirmation at this stage from either Sony or Queen about the latest deal.
