Justin Bieber is close to signing a $200 million music rights agreement
The Wall Street Journal reported on Wednesday that sources close to the deal said pop sensation Justin Bieber was close to selling his music rights to Hipgnosis Songs Capital, a company funded by Blackstone Inc. for an estimated $200 million. According to the rumour, the proposed acquisition would involve the Canadian musician’s publishing and recorded music collection.
Hipgnosis buys artists’ back catalogues in order to profit from the use of their songs in media such as movies and commercials.
After the success of his debut single “Baby,” Bieber shot to prominence at the tender age of 13. In June, the singer-songwriter announced that he had been diagnosed with Ramsay Hunt Syndrome, which had immobilised half of his face and rendered him unable to perform.
In May, Justin Timberlake sold the publishing rights to his compositions to Hipgnosis Song Management. This included the songs “Cry Me A River” and “Rock Your Body,” both of which have been massive singles for Timberlake.
In October, Blackstone and Hipgnosis Song Management Ltd announced they would be forming a partnership to invest approximately $1 billion to purchase music rights and manage collections.