Apparently it’s been worth the wait for Queen to sell their recording and publishing rights as Hits Daily Double is reporting that they have agreed to sell to Sony Music for $1.27-billion, making it the largest music rights sale.
The deal also includes name and likeness rights, but not performance revenue.
The rights to permanently distribute Queen’s music in North America belong to Disney and Universal, but if this deal goes through the band’s royalties will divert to Sony. The rights for the rest of the world will transfer from Universal to Sony Music by 2027.
The previous high went to Michael Jackson‘s estate earlier this year when Sony purchased half of his publishing and recording masters for $600-million.
REUTERS PHOTO
