Canadian pop star Justin Bieber has struck a deal to put his music under the ownership of Hipgnosis Song Management, an investment entity backed by Black stone Inc.
Hipgnosis bought Bieber’s share of publishing copyrights, master recordings and neighboring rights for his entire back catalog, which includes more than 290 titles released before the end of 2021, Hipgnosis said. in a statement on Tuesday. Universal The Music Group continues to own the rights to the original recorded music catalog, according to a person familiar with the agreement.
Hipgnosis does not provide financial details. Bieber’s representatives did not immediately respond to a request for comment. Bloomberg reported in December that Bieber’s stake could earn about $200 million.
“This acquisition is among the largest deals ever made for an artist under the age of 70,” Merck Mercuriadis, the founder and chief executive officer of Hipgnosis, said in the statement.
Blackstone partnered with Hipgnosis in 2021 and pledged to commit the first $1 billion to launch a private vehicle called Hipgnosis Songs Capital to acquire music rights and manage catalogs. Kenny Chesney, Leonard Cohen and Justin Timberlake are among the other artists whose work has been purchased by Hipgnosis and Blackstone.
The transaction was first reported by the Wall Street Journal.
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