Queen’s catalog has been acquired by Sony Music in a massive deal valued at $1.27 billion, according to Variety.
The deal is believed to be the biggest such acquisition of its kind. Earlier this year, Sony paid at least $600 million for 50% of Michael Jackson’s publishing and recorded masters catalog. The company has also purchased Bruce Springsteen’s, Paul Simon’s, and Tame Impala’s catalogs.
As Variety notes, the terms of the Queen deal are somewhat complicated, as Disney currently owns the recording recording rights thanks to a deal struck way back in the early 1990s. Meanwhile, Universal will continue to be Queen’s worldwide distributor for the next several years until its existing contract expires.
In addition to the rights to Queen’s expansive and lucrative musical catalog, Sony also obtains the band’s name and likeness rights, which opens the door for anything from a hologram production to a Las Vegas jukebox musical to further musical biopics.