That means that the Jackson deal, which closed late last year, is at a bigger valuation than the $1.2 billion that Queen is currently seeking. Those assets include ownership of master recordings, publishing for Jackson’s share of his songs, his Mijac publishing catalog and revenue from merchandise and royalties from theatrical shows featuring Jackson’s music. Sources indicate that the Sony deal also leaves in place Primary Wave’s stake, which is believed to be about 10% of Jackson’s publishing assets. That was merged into Sony’s music publishing operation to become Sony/ATV, with Sony and Jackson each owning 50% of that company. Reps for Sony, the Jackson estate and Primary Wave declined to comment.