Queen have set a new benchmark in the trend of superstar legacy musicians (and Tame Impala) selling their catalog for big bucks.

Per HITS Daily Double and Variety, Sony Music is in the process of acquiring the rights to Queen’s catalog for £1 billion, which works out to about $1.27 billion. It’s the largest payment for a catalog acquisition in history, more than doubling the $550 million Sony paid for Bruce Springsteen’s catalog in 2021 and the $600 million Sony paid for a 50% stake in Michael Jackson’s catalog rights this year. Another bidder reportedly topped out at $900 million, therefore Sony are the champions.

These deals usually include the master recordings and publishing rights, but Queen are also reportedly throwing in name, image, likeness rights, so HITS says to “expect Broadway shows and other brand monetization.” Some Sony accountant is probably wondering whether it’s too early to remake Bohemian Rhapsody, or at least reboot it as a TV series. The only element of Queen’s operation not included in the deal is live performance receipts.

The deal is complicated. Disney owns Queen’s recorded-music rights in the US and Canada but has been paying royalties to surviving Queen members Brian May and Roger Taylor; those payments will now be redirected to Sony. Universal has a distribution deal with Queen through 2026 or 2027, after which distribution rights outside the US and Canada will revert to Sony.