Sony Music is in talks to buy Queen’s music catalog for almost $1 billion (£800 million).
The rock band, led by Freddie Mercury until his death in 1991, was one of the most commercially successful groups in history.
Sony is working with another investor on the transaction, according to Bloomberg.
If the deal went ahead, it would include merchandising rights and other business opportunities.
Negotiations have been ongoing since last year and may not result in an agreement.
Members of the band Queen (LR): Roger Taylor, John Deacon, Brian May and Freddie Mercury. Photo: PA
Despite not releasing new music in 27 years, the band still earns tens of millions every year, split between the three remaining members – Brian May, Roger Taylor and John Deacon, and Mercuryproperty.
Company filings for Queen Productions Ltd recorded revenues of $52m (£41m) in the year to September 2022.
If it reaches the estimated $1 billion, it will be the biggest deal of its kind, doubling the $500 million paid by Sony for Bruce Springsteen’s catalog in 2021.
Earlier this year, Sony also acquired a 50% stake in Michael Jackson’s music catalog for around $600m (£471m).
More: Why are so many stars selling their music rights?
Freddie Mercury on stage during Queen’s Live Aid set. Photo: PA
Selling back catalog rights has become big business in recent years, with stars including Beyoncé, Bob Dylan, Neil Young, Shakira and Barry Manilow selling their music rights.
The evergreen nature of hit songs means that investors have been ready to offer high sums for the rights, tempting artists to give up their songwriting royalties in exchange for a large one-off payment.
Older artists may find this prospect particularly attractive, with the added tax incentive of paying a one-time capital gains tax instead of the annual royalty income tax.
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However, not everything was easy.
Earlier this year, music investment company Hipgnosis – which has 138 catalogs with more than 40,000 songs from artists like Blondie and Red Hot Chili Peppers – agreed to $1.6 billion (£1.3 billion) acquisition by private equity firm Blackstone, following a shareholder revolt over its leadership.
Queen is famous for hits such as Bohemian Rhapsody, Radio Ga Ga, We Will Rock You, Crazy Little Thing Called Love and Another One Bites The Dust.
The band has achieved six number one singles and 10 number one albums in the UK over five decades.
In 2018, a biopic about the band, Bohemian Rhapsody, won three Oscars – including best actor for its star Rami Malek, who played Quicksilver.
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Queen still tours with vocalist Adam Lambert leading the group.
Disney Music Group owns the rights to Queen in North America.
Sky News has contacted Queen and Sony Music Group for comment.
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