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 top of 2021, Hipgnosis stated in a press release Tuesday. Common Music Group continues to personal rights to the unique recorded music catalog, in response to an individual aware of 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 beneath the age of 70,” Merck Mercuriadis, the founder and chief government officer of Hipgnosis, stated within the assertion.
Blackstone partnered with Hipgnosis in 2021 and vowed to commit an preliminary $1 billion to launch a personal automobile known 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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