Sony Music Group is poised to finalize one of the largest artist catalog deals in music history by acquiring the legendary rock band Queen’s catalog. The deal, valued at approximately GBP £1 billion (USD $1.27 billion), encompasses Queen’s global music publishing rights, ‘name and likeness’ rights, and recorded music interests excluding North America, where Disney Music Group holds their masters.
Currently, Sony administers Queen’s publishing rights, while their recorded music is distributed globally through Universal Music Group. Bloomberg previously reported Sony’s negotiations with Queen, noting their collaboration with another investor, rumored to be Apollo Global Management. The extent of Apollo’s involvement in the deal remains undisclosed, whether through debt, equity, or a combination thereof.
Sony has a history of partnering with external capital for catalog acquisitions, including the financing of Bruce Springsteen’s catalog acquisition in 2021 and collaboration with Domain Capital for Ashley Gorley’s publishing catalog in 2022.
Apollo’s potential role in Sony’s Queen catalog acquisition follows their recent support for Concord’s bid to acquire Hipgnosis Songs Fund assets. Concurrently, Sony Pictures, Sony Music’s sister company, has been in talks with Apollo regarding a potential $26 billion bid for Paramount, currently set to merge with Skydance.
Apollo Global Management has been active in the music rights market, leading significant transactions such as a $1.8 billion bond offering for Concord in 2022. The band Queen’s catalog, jointly owned by surviving members Brian May, Roger Taylor, John Deacon, and Freddie Mercury’s estate, remains a cornerstone of their legacy.
Queen’s global recorded music rights are held outside North America by their company Queen Productions Ltd, while their music publishing catalog is managed by Queen Music Ltd, administered by Sony Music Publishing. Sony is set to become the exclusive distributor of Queen’s content worldwide by 2026 or 2027, following the transfer of Universal Music Group’s global distribution rights.
Queen Productions Ltd recently reported GBP £39.47 million in revenue for FY 2023, reflecting a slight decline from the previous fiscal year. The company attributes £36.1 million of its revenue to royalties, marking a modest 2.0% year-over-year decrease.
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