ROCK band Queen have sold their back catalogue for a record £1billion.
The rights to their music, as well as opportunities for merchandising and other business opportunities, have been bought by Sony Music after a years-long bidding war.
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It means the company will own all of their studio records, featuring hits like Bohemian Rhapsody, I Want To Break Free, Another One Bites The Dust and Don’t Stop Me Now.
It is the biggest acquisition of its kind, eclipsing the £471million which Sony spent to own 50 percent of Michael Jackson’s music catalogue.
In 2021, Sony bought Bruce Springsteen’s catalogue for an estimated £393million, while Bob Dylan’s was purchased for £315million.
However, Queen’s agreement will not cover their live performances, with those rights being retained by founding members Brian May, 76, and Roger Taylor, 74, who still tour as Queen with singer Adam Lambert, 42.
The band formed in 1970 and have sold more than 300million albums worldwide.
Frontman Freddie Mercury died aged 45 in 1991 from pneumonia caused by AIDS and bassist John Deacon, 72, retired from music in 1997.
The three surviving members and Freddie’s estate are equal shareholders in Queen Productions Ltd which had revenues of £40.8m in 2022.
The deal has been complicated by a previous agreement with Disney, made in the 2000s for their recorded music rights in the US and Canada.
Several commercial projects are expected to be launched to capitalise on the deal, which is expected to include a jukebox musical, separate to the 2002 show We Will Rock You.
It follows the success of the 2018 biopic Bohemian Rhapsody which made more than £700million at the box office.