Summarize this content to 2000 words in 6 paragraphs in Arabic Stay informed with free updatesSimply sign up to the Media myFT Digest — delivered directly to your inbox.Sony Music has created a financial vehicle titled \u201cRock Bidco\u201d as the record company bids for the music catalogue of British rock band Queen, which is expected to fetch a billion-dollar sum.\u00a0\u201cRock Bidco\u201d was incorporated on May 17 and is controlled by Tim Major, the co-leader of Sony Music Publishing, according\u00a0to a\u00a0filing\u00a0with the UK Companies\u00a0House.Queen had been shopping its music catalogue around for more than a year and had held talks with Sony Music and its rival Universal Music, according to people familiar\u00a0with the matter. Sony was still among the bidders, while Universal had let an exclusivity period on negotiations expire because the price the band wanted was too high, these people said.\u00a0The band, once led by the late Freddie Mercury, is seeking a valuation of\u00a0more than $1bn, which would make it one of the biggest music\u00a0sales in recent memory.\u00a0This would include recorded music and publishing as well as other income, including merchandise and licensing and revenue from the biopic film Bohemian Rhapsody.Under the proposed structure, Sony would be working with another company to finance the Queen deal, said a person familiar with the matter. Sony co-financed its blockbuster $500mn-plus acquisition of Bruce Springsteen\u2019s catalogue with Eldridge Industries, the investment house of Todd Boehly. Music rights, which deliver a steady income stream based on record sales and streaming revenue, have become a popular asset class in recent years. Rock stars including Bob Dylan, Springsteen and Neil Young have cashed in on the interest in the music sector, selling their life\u2019s work for big pay-offs.\u00a0Kiss, the flamboyant US rock band, last month sold the rights to its music as well as its name, image and likeness to Pophouse Entertainment for $300mn.\u00a0Queen is one of the most commercially successful groups in music history, having sold more than 300mn records globally.\u00a0The band\u2019s hit\u00a0Bohemian Rhapsody is among the most-streamed rock songs, while the 2018 biographical film boosted listening and sales of its music.\u00a0\u00a0Billboard estimates that Queen\u2019s music generates about $45mn a year in royalty revenue.A Sony Music spokesperson declined to comment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Stay informed with free updatesSimply sign up to the Media myFT Digest — delivered directly to your inbox.Sony Music has created a financial vehicle titled \u201cRock Bidco\u201d as the record company bids for the music catalogue of British rock band Queen, which is expected<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"class_list":{"0":"post-93469","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-culture"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/93469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=93469"}],"version-history":[{"count":1,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/93469\/revisions"}],"predecessor-version":[{"id":93470,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/93469\/revisions\/93470"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=93469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=93469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=93469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}