In an exciting turn of events, it appears that Sony Music is in the final stages of negotiating a monumental acquisition of Queen’s publishing and recorded music rights for a whopping $1 billion. This groundbreaking news comes courtesy of a report from Bloomberg, showcasing the potential of this blockbuster deal.
Esteemed Queen lawyer Jim Beach, along with his daughter Tilda, is representing the surviving band members Brian May, Roger Taylor, and John Deacon, as well as the estate of the iconic Freddie Mercury. Interestingly, law firm Reed Smith LLP has set up a new financial vehicle in the UK named “Rock Bidco,” guided by Sony Music Publishing U.K. executive Tim Major. This adds even more intrigue to the unfolding drama.
A significant aspect of this potential deal involves the duration of existing licensing agreements with Universal Music Group (UMG) and Disney Music Group. These deals are particularly lucrative due to astute sync licensing, especially following the massive success of the Oscar-winning film “Bohemian Rhapsody.” As far back as a 2002 filing, it was reported that Queen earned over $50 million in that fiscal year alone from their catalog.
Disney’s involvement, through its UMG-distributed label Hollywood Records, includes owning North American recorded rights for the Queen catalog. Meanwhile, Queen’s global music-publishing catalog is administered by Sony Music Publishing, with the band holding worldwide distribution rights via their company Queen Productions Ltd.
Per the Financial Times, Universal Music Group allowed its period of negotiating exclusivity to expire due to the high asking price. This has paved the way for Sony to potentially snag the deal. If Queen secures the $1 billion mark, it will surpass previous high-profile catalog sales, including Sony’s acquisition of Bruce Springsteen’s catalog for $500 million and their recent $600 million purchase of half the Michael Jackson catalog.
What are your thoughts on this mega-deal? Will it reshape the landscape of music publishing? Share your views in the comments below and don’t forget to share this exciting news with your friends!
Source: [Bloomberg Report](https://www.bloomberg.com/news/articles/2024-05-29/sony-in-talks-to-buy-queen-catalog-in-potential-1-billion-deal?embedded-checkout=true), [Financial Times](https://www.ft.com/content/88ba1eb0-6276-42eb-9c1f-e55eb697b18d)
