One of the greatest rock bands of all time have sold the rights to their catalogue in the biggest deal of its kind.
Rock band Queen have opted to sell their entire back catalogue, including the rights to own and create merchandise. The deal went through at an eye-watering £1billion, the largest acquisition of rights ever.
The remaining members of the band have given up their rights to the music, as well as opportunities to sell products with the name – amongst other things. The rights have now been snapped up by Sony Music following a bidding war that lasted for years.
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As a result, Sony Music – who has signed some of the biggest artists in music both past and present – now owns the rights to their entire catalogue of hits. The band, fronted by the legendary Freddie Mercury, had a string of hits including Radio Ga Ga, Another One Bites the Dust and Bohemian Rhapsody.
(Image: Getty Images)
This has come as a huge financial investment for the label, which had previously forked over £471million to own the rights of half of Michael Jackson’s discography. Several other iconic artists including Bob Dylan and Bruce Springsteen have also given the label the rights to their music, cashing out at £315million and £393million respectively.
However, in a twist, Sony has not been able to buy the rights to the band’s live performances, which continue to be operated by lead guitarist Brian May and drummer Roger Taylor. This is due to the fact the band continue to play live as Queen, together with American Idol star Adam Lambert, 42.
(Image: Getty Images)
Having formed in 1970, the four-piece band had sprawling success as they carried on. Their music paved the way for much of traditional pop and rock in the modern era, with the group proud to say that 300million copies of their albums have been sold worldwide.
Despite a two-decade long golden age, things came to a tragic end when Freddie Mercury passed away in 1991 due to pneumonia caused by AIDS. Aged just 45, the singer’s death caused shockwaves across the world, as the trio tried to carry on following his death, releasing one final album with his vocals – four years after his passing.
(Image: Redferns)
Since then, original bass player John Deacon retired from music in 1997, leaving Brian and Roger as the sole continuation of the band, before Adam Lambert came onto the project to provide vocals. All three surviving members of the band, however, remain as equal shareholders in Queen Productions Ltd, earning each member a cool £10.2million in 2022.
The Sony deal came after a years-long bidding war between the record label and Disney, who had bought the rights to their music in both the USA and Canada. However, following negotiations, Sony was able to come out on top to obtain the full rights to the catalogue.
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Source: Celebrities - dailystar.co.uk
