Sony Music may be looking to pay a king’s ransom to acquire the rights to Queen’s music catalog.
The entertainment giant is in talks to pay a whopping $1 billion for the British rockers’ song book, which include hits like “Bohemian Rhapsody” and “We Will Rock You,” in one of the biggest deals ever, Bloomberg reported Wednesday.
Sony is reportedly teaming up with another unnamed investor on the staggering offer, which would also cover merchandising and other business opportunities.
The company paid $600 million to acquire half of Michael Jackson’s music catalog in February. Bob Dylan also sold his catalog to Sony in 2022 in a deal estimated to be worth about $200 million, The New York Times reported.
Sony Music did not comment. Reps for Queen did not immediately return requests for comment.
The band remains one of the most enduring acts, with Adam Lambert replacing the late frontman Freddie Mercury, who died in 1991.
Original bandmates Brian May, Roger Taylor, John Deacon and Mercury’s estate are equal shareholders in Queen Productions Ltd., which produced revenue of $52 million for the year ended Sept. 20, 2022, according to Bloomberg.
The growth of paid streaming services like Spotify, combined with low interest rates, have contributed to the soaring value of music catalogue in the last decade. But not all music deals have been a huge success.
In 2022, members of the band Pink Floyd offered to sell their catalog, which includes hits like “Comfortably Numb” and “Money,” for at least $500 million but bids failed to materialize, Bloomberg reported.
Companies that have focused on scooping up music rights have also had mixed results.
For example, the London-based Hipgnosis bought up song catalogs by artists like Blondie, the Kaiser Chiefs and the Red Hot Chili Peppers with the goal of turning music into an asset, but it has had trouble recouping its investments.
The firm, which was founded in 2018, is currently being sold by Blackstone.