Justin Bieber is making big moves in the industry. Sources have confirmed to the Wall Street Journal that the artist is set to close a deal to sell his music rights and cataloged to the Blackstone-backed company, Hipgnosis Songs Capital, for $200 million USD. The news, which has been rumored for weeks, has been confirmed by sources close to the deal, that the sale is imminent.
Variety reports that the deal is not yet complete, but would include Bieber’s shares of his publishing as well has his recorded-music catalog. While the deal will relinquish his music rights, the song will still be administered and owned by Universal. The news arrives as Bieber recently postponed his remaining dates of the Justice tour until next year. The tour was originally supposed to begin in 2020, but due to complications caused by the pandemic and the singer’s Ramsay Hunt syndrome, the tour was postponed.
Bieber’s catalog boasts his multiple hits from the past 15 years of making music. According to WSJ, if Bieber’s deal goes through, it would be one of the largest music rights acquisitions for Hipgnosis Songs Capital. Just earlier this year, the company acquired Justin Timberlake’s song-catalog rights for just over $100 million USD. Bieber and Hipgnosis Songs Capital’s reps have not yet released a statement.
In other music news, Young Thug’s sister has revealed the acronym behind the artist’s stage name.
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