Canadian pop star Justin Bieber has struck a deal to place his music beneath the possession of Hipgnosis Tune Administration, an funding entity backed by Blackstone Inc.
Hipgnosis purchased Bieber’s share of publishing copyrights, grasp recordings and neighboring rights for his whole again catalog, which incorporates greater than 290 titles launched earlier than the tip of 2021, Hipgnosis mentioned in an announcement Tuesday. Universal Music Group continues to personal rights to the unique recorded music catalog, in line with an individual accustomed to the settlement.
Hipgnosis didn’t present monetary particulars. Representatives for Bieber didn’t instantly reply to a request for remark. Bloomberg reported in December that Bieber’s stake might fetch about $200 million.
“This acquisition ranks among the many greatest offers ever made for an artist beneath the age of 70,” Merck Mercuriadis, the founder and chief govt officer of Hipgnosis, mentioned within the assertion.
Blackstone partnered with Hipgnosis in 2021 and vowed to commit an preliminary $1 billion to launch a non-public automobile referred to as Hipgnosis Songs Capital to amass music rights and handle catalogs. Kenny Chesney, Leonard Cohen and Justin Timberlake are amongst different artists whose work has been bought by Hipgnosis and Blackstone.
The transaction was earlier reported by the Wall Road Journal.
Discover ways to navigate and strengthen belief in your small business with The Belief Issue, a weekly publication analyzing what leaders have to succeed. Sign up here.