Sony Music is acquiring the music record catalogue of British rock band Queen, along with several other rights, in a historic deal totaling £1 billion (approximately $1.27 billion). Hits first reported the news, stating that the deal encompasses all revenue streams except for live performances, which founding members Brian May and Roger Taylor, currently touring with singer Adam Lambert, will retain.

Variety reported that another bidder came close with a bid of $900 million but fell short. This acquisition marks the largest purchase of a single artist’s catalogue in history, surpassing any previous $1 billion-plus sale publicly disclosed in the industry. The bidding war highlighted the fierce competition among companies vying for the esteemed catalogue of the iconic British band known for timeless hits like “Bohemian Rhapsody,” “Another One Bites the Dust,” and “Radio Ga Ga.”

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Queen’s music remains a cornerstone of rock music, evolving into timeless classics over time. Global hits such as “We Will Rock You,” “We Are the Champions,” and “Bohemian Rhapsody” solidify their status. The success of the biopic film “Bohemian Rhapsody,” featuring Rami Malek as the legendary Freddie Mercury, further underscored the band’s enduring popularity and musical legacy.

Labels have long sought Queen record catalogue, and after navigating through complexities, Sony emerged as the buyer. Previously, Disney acquired the group’s recorded music rights for the U.S. and Canada in the 2000s, following an initial $10 million licensing deal in 1991. These rights will remain with Disney, with certain band members’ remaining royalties transferring to Sony Music upon the deal’s closure. Additionally, the group’s distribution deal with Universal, currently covering territories outside the U.S. and Canada, will transition to Sony once it expires in the coming years.

Queen, originally formed in London in 1970 by Brian May and Roger Taylor, who had previously played together in a band called Smile, welcomed Freddie Mercury as vocalist and pianist the following year, with John Deacon joining as bassist.