The Queen music catalog, along with a number of other rights, is in the process of being acquired by Sony Music for £1 billion (around $1.27 billion), two sources confirm to PvNew. The news was first reported by Hits; according to their report, the only revenue not covered in the deal is for live performances, which founding members Brian May and Roger Taylor, who still actively tour with singer Adam Lambert, will retain.
One other player was said to be very close in the bidding, but stopped short at $900 million.
The catalog, which has been in play for several years and inching toward Sony for the past few months, is part of a complicated deal whereby the group’s royalties for its recorded-music rights for the U.S. and Canada, which were acquired by Disney in a $10 million transaction during the 1990s, will go to Sony instead of Disney. Similarly, the group’s distribution deal, which is currently with Universal, will go to Sony when it expires in the next couple of years.
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