The iconic rock band's music catalog was acquired by Sony for $1.27 million [VIDEOS]

Sony Music has acquired the Queen music catalog, along with various rights, for a whopping £1 billion (about $1.27 billion). The news was first revealed by accesseswho stated that the only income not included in the deal is for live performances, which founding members Brian May and Roger Taylor will retain while they continue to tour with singer Adam Lambert.

Another player apparently came close to closing the deal, but fell short by $900 million. Queen's catalog of music is widely recognized as one of the most valuable of the rock era, with hits such as 'Bohemian Rhapsody', 'Another One Bites the Dust' and 'We Will Rock You' being popular worldwide and they are immensely profitable.

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The success of the 2018 biopic “Bohemian Rhapsody” has shown the potential of the group's name and likeness rights, raising the possibility of a jukebox musical opening in London or on Broadway and embarking on a tour endless

However, there are some complications with the catalog. The group's recorded music rights for the United States and Canada were acquired by Disney for an undisclosed sum sometime in the 2000s. While those rights will remain with Disney indefinitely, certain royalties will go to Sony a once the agreement ends. In addition, Queen's distribution deal with Universal, which currently covers all territories outside the US and Canada, will pass to Sony when it expires in 2026 or 2027.

Representatives for Sony Music, Sony Music Publishing, Disney's Hollywood Records and the band declined or did not immediately respond to requests for comment. Sony's tendency to refrain from commenting on catalog acquisitions is not surprising, as its nine-figure deals for Bruce Springsteen's publishing and recorded music rights, as well as recorded music rights, have been widely acknowledged by the industry by Bob Dylan.

Queen was formed in London in 1970 by Brian May and Roger Taylor, who had previously played together in a band called Smile. They were eventually joined by Freddie Mercury on vocals and piano, and John Deacon on bass the following year. They were initially rejected by several record labels, but eventually struck a deal with EMI, who released their self-titled debut album in 1973.

Although they had achieved some success in the UK with the singles 'Seven Seas of Rhye' and 'Killer Queen', Queen achieved a major worldwide breakthrough in 1975 with 'Bohemian Rhapsody'. This mini symphony written by Mercury became one of the longest-running and most unconventional hit singles of all time.

Over the next decade, each member of the band wrote a No. 1 single, cementing their status as one of the world's biggest acts. Mercury's “Bohemian Rhapsody,” May's “We Will Rock You,” Deacon's “Another One Bites the Dust” and Taylor's “Radio Ga Ga” topped the charts.

Although they never completely dominated the American music scene, Queen played sold-out stadium shows around the world. In fact, for several years, his 1985 performance at the Rock in Rio Festival drew an impressive audience estimated at 600,000, setting a single-concert attendance record.

Tragically, Freddie Mercury contracted AIDS and died in 1991. However, Queen's legacy has endured and continued to grow over the years. His songs are still regularly played on the radio and at sporting events, with “We Will Rock You” and “We Are the Champions” becoming stadium anthems. May and Taylor, now in their mid-seventies, continue to tour under the Queen name, ensuring the band's music lives on.

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