Iconic rock band reportedly sells song catalog for over $1 billion in record-breaking deal
(FOX BUSINESS) -- Legendary British rock band Queen's music catalog has been acquired by Sony Music in a deal worth more than $1 billion, according to reports.
On Friday, the music industry trade publication Hits reported that Sony had emerged triumphant in a battle with other recording giants to claim ownership of Queen's catalog for £1 billion (approximately $1.2 billion). Two sources confirmed the staggering deal to Variety.
According to Hits, the only revenue that Sony will not receive under the deal is money generated from live performances. Founding members Brian May and Roger Taylor continue to perform as Queen in collaboration with singer Adam Lambert in place of the band's late frontman, Freddie Mercury.