Queen's billion-dollar catalog sales are closer than ever to becoming a reality, rather than just a fantasy.

Just over a year after rumors surfaced that the legendary band was looking for buyers, Sony Music is reportedly close to closing a deal with the surviving members of Queen and the estate of Freddie Mercury.

While details of the deal or Sony’s official offer are not yet known, multiple media outlets reported in February that the band was asking for $1.2 billion, which would include their publishing catalog, master recording rights and ancillary revenue streams. The latter includes revenue from the 2018 film “Bohemian Rhapsody,” still one of the highest-grossing biopics of all time.

If the deal goes through, it would be the largest acquisition by significant margin for a single artist’s catalog — a record Sony has previously set multiple times. In December 2021, at the height of the eight- to nine-figure music publishing boom, Sony Music acquired Bruce Springsteen’s recording and publishing rights for $550 million. A month later, it acquired Bob Dylan’s recorded music catalog for an estimated $200 million.