Legendary British rock band Queen's music catalog has been acquired by Sony Music in a deal worth over $1 billion, according to reports.

On Friday, Hits, a music industry trade publication, reported that Sony triumphed over other recording giants to secure ownership of Queen's catalog for 1 billion pounds (approximately $1.2 billion). Two sources confirmed the staggering deal to Variety.

Hits noted that the only revenue Sony won't receive under the deal is from live performances. Founding members Brian May and Roger Taylor continue to perform as Queen alongside singer Adam Lambert, replacing the late Freddie Mercury.

Hits reported that another potential buyer offered $900 million but couldn't top Sony's winning bid. The Sony deal is expected to close in "the next few weeks."

Hollywood Records, a Disney Music Group label, owns the band's recorded music catalog in the U.S. and Canada, having acquired it in 1991 for $10 million.

Under the deal with Sony, DMG will retain the band's North American rights, though some royalties received by Queen members under the DMG deal will now be paid to Sony.

Sony's billion-dollar acquisition is the most expensive music catalog sale in history, surpassing Bruce Springsteen's $600 million sale in 2021. In 2020, Bob Dylan sold his publishing rights for a reported $400 million, and Sony acquired Dylan's recorded music catalog in 2022 for $150-$200 million.

However, these amounts have not been publicly confirmed.

Formed in 1970, Queen, with Mercury as lead singer, May as lead guitarist, Taylor as drummer and John Deacon as bass guitarist, became one of the biggest rock acts in the world. The band has enjoyed enduring popularity with hits like "Bohemian Rhapsody," "Don’t Stop Me Now," "Under Pressure," "Another One Bites the Dust," "We Will Rock You," "Somebody to Love" and "We Are The Champions."

In 2019, Queen's music saw a huge boost in sales and streams after the release of the Academy Award-winning Freddie Mercury biopic "Bohemian Rhapsody."