Canadian pop star Justin Bieber has struck a deal to place his music below the possession of Hipgnosis Music Administration, an funding entity backed by Blackstone Inc.
Hipgnosis purchased Bieber’s share of publishing copyrights, grasp recordings and neighboring rights for his complete again catalog, which incorporates greater than 290 titles launched earlier than the top of 2021, Hipgnosis mentioned in an announcement Tuesday. Common Music Group continues to personal rights to the unique recorded music catalog, in line with an individual conversant in 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 may fetch about $200 million.
“This acquisition ranks among the many greatest offers ever made for an artist below 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 personal automobile referred to as Hipgnosis Songs Capital to accumulate 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 Avenue Journal.
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