Sony Music Group's first annual accounts for Rock Bidco Ltd, the London vehicle it used to buy Queen's catalogue, reveal that the company received £1.079 billion from its US parent, SMG-One LLC, as an "irrevocable, interest-free advance subscription" rather than a loan. The filing, made without ever naming Queen directly (referring only to "a legendary British rock band"), sheds light on the financial mechanics behind one of the music industry's largest-ever catalogue acquisitions and shows how the deal is being valued against the band's actual earnings.

Across its first 13-month accounting period to June 2025, Rock Bidco generated £26.77 million in royalties and an operating profit of £15.66 million after a £10.57 million amortisation charge, with rights being written down over 40 years. A related company, Queen Productions Ltd, separately reported £24.8 million in royalties and a 68% operating margin, meaning the two entities together booked around £51.6 million in royalty income and Rock Bidco also collected £32.16 million in dividends, chiefly from Queen Productions — putting the £1.07 billion purchase price at more than 20 times the catalogue's disclosed annual royalty income.