Queen has reportedly agreed to sell their recording and publishing rights to Sony Music for an astonishing $1.27 billion. This agreement, reported by Hits Daily Double, not only sets a new record for music rights sales but also includes the rights to the band's name and likeness.
However, it notably excludes performance revenue. The transaction, if finalized, would mark a significant shift in the music industry, eclipsing the previous record set by Michael Jackson's estate, which sold half of his publishing and recording masters to Sony for $600 million earlier this year.
The intricacies of the deal reveal a complex web of rights distribution. In North America, the rights to permanently distribute Queen's music are currently held by Disney and Universal. Should the deal with Sony materialize, it would result in the band's royalties being redirected to Sony.
As the music world buzzes with the news of this historic sale, attempts to reach Queen for their perspective have so far been met with silence. The band, whose hits have transcended generations, remains at the forefront of a lucrative market for iconic music rights.
[Source: Classic Hits Today]