Sony is the undisclosed suitor with whom Queen has been in exclusive negotiations over the sale of its catalog and other music assets, it says Bloomberg today. There have been numerous reports that the catalog was for sale since then Music Business Worldwide first announced last May.
So far, Queen are believed to have had initial discussions about the potential deal with Disney, which owns the band's North American masters, and Universal Music Group. According to sources, the deal is being shopped around by the band's lawyers.
In fact, each member of the band is said to have had their own lawyers for the deal. Earlier this year, some sources suggested that John Deacon's stake in the band's assets might not be included in any potential deal. Making such an agreement is a very complicated process, and with all the personalities involved, it is still a matter of whether it will be achieved in the end. In fact, this very issue – band members with different agendas – is said to have derailed a deal for Pink Floyd's assets some time ago. That deal was expected to reach $500 million before falling apart sometime in 2022.
Sources previously said Advertising sign that Queen were seeking $1.2 billion for their musical assets, a price that limited the number of would-be suitors. In order to swallow the heavy price, Sony is reportedly working with an unknown financial player. Previously, Sony helped acquire Bruce Springsteen's master catalog of recordings from Eldridge Industries, which once owned Advertising sign.
Lawyers for Queen and representatives for Sony Music were not immediately available for comment.
Queen's catalog includes iconic hits such as 'Bohemian Rhapsody', 'Killer Queen', 'Another One Bites the Dust', 'Radio Ga Ga', 'Somebody to Love', 'Crazy Little Thing Called Love', 'You' is My Best Friend, “We Will Rock You” and “We Are the Champions”. Since 1991, the catalog has generated slightly more than 38 million album consumption units in the United States and has nearly 46 billion in worldwide on-demand streams, according to Luminate. Go here for a full breakdown of the band's catalog and financial performance.
If Sony completes the deal, it could very well be the biggest music asset deal ever, even if it doesn't have the highest valuation for an artist's music assets. Late last year, Sony bought half of Michael Jackson's estate for about $600 million, according to sources, although Sony never confirmed the acquisition.
