Sony Music has created a financial vehicle titled “Rock Bidco” as the record company bids for the music catalogue of British rock band Queen, which is expected to fetch a billion-dollar sum.
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 with 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.
Under the proposed structure, Sony would be working with another company to finance the Queen deal, said a person familiar with the matter.
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