Freddie Mercury led the rock band until his passing in 1991, making them one of the most financially successful acts in history.
Bloomberg reports that Sony and another investor are collaborating on the deal.
In the event that the transaction materialized, it would encompass the rights to merchandise and additional business prospects.
There may not be a deal from the reportedly ongoing talks that started last year.
The band still makes tens of millions of dollars a year, which is split between Brian May, Roger Taylor, John Deacon, and Mercury’s estate, even though they haven’t released a new song in 27 years.
Revenues of $52 million (£41 million) were reported in Queen Productions Ltd.’s company papers for the year ending in September 2022.
If the projected $1 billion is reached, it will be the largest transaction of its kind, more than tripling the $500 million (£400 million) that Sony paid for Bruce Springsteen’s collection in 2021.
For over $600 million (£471 million) earlier this year, Sony also purchased a 50% stake in Michael Jackson’s back catalog.
In recent years, it has been increasingly profitable to sell the rights to back catalogs; celebrities such as Beyoncé, Bob Dylan, Neil Young, Shakira, and Barry Manilow have all sold their music rights.
