Sony Music Group is close to completing the largest artist catalog deal in music history.
The company has reportedly agreed to acquire the legendary rock band’s catalog Queen The landmark deal is reportedly worth approx. £1 billion ($1.27 billion at current exchange rates).
It is understood that Sony will buy the band’s global music publishing rights, their “name and likeness rights”, and their recorded music rights – including their recording rights outside North America, and their master tapes’ rights outside North America belong to the company all. disney music group.
(Sony has managed Queen’s publishing rights and the band’s recorded music is currently available through universal music group.)
At the end of May, Burundi Sony is reportedly in talks with Queen over a deal while the major music company “Partnering with another investor” About transactions.
Concerned investors are increasingly vocal, according to MBW sources Apollo Global Management.
It’s unclear how many of them Queen catalog price tag exceeds $1 billion Apollo’s involvement and whether its involvement in the deal with Sony is based on a debt agreement, an equity agreement or a combination of the two.
Sony has partnered with external capital Previous Catalog Investments.
the company’s Approximately US$550 million The 2021 acquisition of Bruce Springsteen’s catalog of published and recorded music (on the publishing side) is partially funded by Eldridge Industries. On a smaller scale, 2022 Sony vs. domain capital Obtain publishing directories of authors from popular countries Ashley Gorley.
Apollo’s Sony is interested in getting involved after the investment giant recently backed Sony’s Queen catalog deal harmony The latter company is bidding for the assets of Hipgnosis Songs Fund (HSF).
Concord officially withdrew from the HSF bidding war in May, and global investment giant Blackstone became the frontrunner in the HSF acquisition war.
Before this result occurs, Apollo Debt and minority equity were committed to a bidding entity (Concord Chorus Ltd) which provided US$1.51 billion Acquisition of HSF.
Meanwhile, in May, sister company Sony Music, Sony PicturesAccording to reports, working with Apollo in a potential $26 billion bid Paramount. (It currently appears that Paramount may eventually merge with Skydance.)
Apollo Global Management It has also been active in other aspects of the music rights market in recent years.
In 2022, Apollo Global Management led what it said was the “largest ever” ABS (asset-backed securities) transaction. harmonywhen the latter firm prices US$1.8 billion The bond issue is backed by more than 1 million music rights.
Meanwhile, in 2021, former Tempo Music CEO Sherry Clark Suarez settings Hong Kong View Equity Partners With support from Apollo. HarborView has accumulated approx. $1.6 billion In “Regulatory Managed Assets”.
As of March 31, 2024, Apollo By itself – across multiple industries – there are approx. $671 billion assets under management.
Queen’s musical catalog, including publishing and recording rights, is owned jointly and equally by the band’s surviving “classic” lineup (Brian May, Roger Taylor, John Deacon) and the estate of Freddie Mercury Land owned.
disney music group (through its ownership of Hollywood Records) owns the rights to Queen’s recorded music in North America; the band owns them elsewhere in the world. (DMG has a global distribution deal with Universal Music Group.)
The number of clicks It was reported last month that UMG, as Disney’s publisher, would retain distribution rights in North America, although Sony would receive royalties.
UMG’s global distribution rights will transfer to Sony in 2026 or 2027, making Sony Music the sole global distributor and owner of all Queen content.
Queen members Brian May, Roger Taylor and John Deacon – plus the Freddie Mercury estate – each own equal shares in the company Queen Productions Ltd.owns the group’s catalog of recordings Outside the United States and Canada.
The members of Queen (plus Mercury’s estate) also hold worldwide rights to Queen’s music publishing catalog through their companies queen music ltd.managed by Sony Music Publishing.
Queen Productions Ltd publishes its annual financial report at Companies House. The latest report, released last week, showed the company’s financial performance for fiscal 2023, which ended in September last year.
The company reported GBP £39.47 million Revenue for the fiscal year ending September 30, 2023. $49.1 million.
This means revenue is down slightly year-over-year 3.5% from £40.89 million ($50.41 million), the company reported for the 2022 financial year, according to financial reports filed with the UK Companies House.
of £39.47 million Of the revenue in fiscal year 2023, royalties accounted for £36.1 milliondown Annual increase of 2.0% Beginning in fiscal year 2022.global music business
