SONY MUSIC is in talks to acquire Queen’s music catalog, which includes hits such as “Bohemian Rhapsody,” in what could be one of the biggest ever deals of its kind.

Sony is working with another investor on a purchase that could potentially total $1 billion, people familiar with the matter said, asking not to be named discussing confidential information.

The talks, which also cover merchandising and other business opportunities, are ongoing and may not result in an agreement, according to the people. A spokesperson for Sony declined to comment. A representative for Queen could not be reached for comment.

Artists have been selling their catalogs to investors for increasing sums in recent years. Earlier this year, Sony acquired a half interest in pop star Michael Jackson’s music catalog from the late singer’s estate for at least $600 million, Billboard reported. Bob Dylan also sold his recordings to Sony in 2022.

Queen’s back catalog includes some of the biggest selling hits, including “Don’t Stop Me Now,” “Another One Bites the Dust,” and “We Will Rock You.”

Brian May, Roger Taylor, John Deacon, and the estate of Freddie Mercury are equal shareholders in Queen Productions Ltd., which produced revenue of £40.9 million ($52 million) for the year ended Sept. 30, 2022, according to the latest available filings.

The value of music catalogs soared over the last decade thanks to the growth of paid streaming services and low interest rates. Universal Music Group NV this year bought a minority stake in Chord Music Partners, a company that owns more than 60,000 songs, including ones written by artists like the Weeknd, John Legend, and Lorde.

Not all music catalog deals have been a success. In 2022, members of the band Pink Floyd decided to sell their catalog for at least $500 million but bids failed to materialize.

Companies that have focused on buying up music rights have also struggled. Founded in 2018 in London, Hipgnosis bought up song catalogs with the goal of turning music into an asset class, but the fund struggled to recoup its investment in music rights and is currently being sold to Blackstone, Inc. It owns song catalogs from Blondie, the Kaiser Chiefs, and the Red Hot Chili Peppers. — Bloomberg