Rumors regarding Queen’s music catalog being purchased started surfacing about a month ago. Today, it has been confirmed that Sony Music has officially acquired Queen’s music catalog.

Billboard reports that this deal covers Queen’s music as well as any related intellectual property. This includes merchandise, music videos, publishing, logos, and other business opportunities except for live performances. Brian May and Roger Taylor, two of Queen’s founding members, will retain these rights, as the two of them still actively tour with singer Adam Lambert.

According to Billboard, this deal is the biggest of it’s kind due to the sheer price. Queen’s music catalog came with a price of £1 billion, which equates to about $1.27 billion.

The price of Queen’s music catalog is certainly deserving. The band’s discography is one of the most recognizable and beloved of all time, with classics like “We Will Rock You,” “Another One Bites The Dust,” “Radio Gaga,” “We Are The Champions,” and the iconic “Bohemian Rhapsody.” According to Billboard, the band’s work has earned them countless awards and honors throughout the years, which include “seven Ivor Novello awards, an MTV Global Icon Award and three songs enshrined in the Grammy Hall Of Fame.” They also received a star on the Hollywood Walk of Fame in 2002, making them one of a handful of bands from outside of the U.S. to receive one. They share this honor with the Beatles.

May and Taylor are the only two remaining members of the original lineup, with Freddie Mercury passing in 1991, and John Deacon retiring from music in 1997. But the legacy these four left still lives on through the music they created together, as well as May and Taylor’s performances with Adam Lambert.