LONDON (CelebrityAccess) — Justin Bieber has pulled the trigger on his long-rumored sale of his music rights to the Blackstone-based Hipgnosis Songs Capital in a deal reportedly worth more than $200 million dollars.
The transaction includes Bieber’s stake in his publishing and recorded-music catalog, as well as his stake in publishing copyrights and neighboring rights for his entire back catalog up until the end of 2021.
Variety reported that Bieber’s longtime label, Universal Music Group, will continue to administer his catalog and own the master recordings in perpetuity.
Bieber was represented in the transaction by a team that included his longtime manager, Hybe America’s Scooter Braun.
“The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable. This acquisition ranks among the biggest deals ever made for an artist under the age of 70, such is the power of this incredible catalog that has almost 82 million monthly listeners and over 30 billion streams on Spotify alone. Scooter Braun has helped him build a magnificent catalog, and it’s a pleasure to welcome Justin and his incredible songs and recordings to the Hipgnosis family.” Merc Mercuriadis, founder and CEO of Hipgnosis Song Management, said in a statement on Tuesday.
Bieber’s sale of his music rights is the latest in a series of big-ticket catalog sales in recent years that has included Stevie Nicks, Lindsey Buckingham, Bob Dylan, Neil Young, Dr. Dre and just this week, members of Yes and The Doors.