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 Blackstone Inc.
Hipgnosis is buying Bieber’s stake in 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 Music Group continues to own the rights to the original recorded music catalog, according to a person familiar with the agreement.
Hypgnosis does not provide financial details. A representative for Bieber did not immediately respond to a request for comment. Bloomberg reported in December that Bieber’s stock could fetch as much as $200 million.
“This acquisition is one of the largest deals ever made for an artist under the age of 70,” Merck Mercuriadis, founder and chief executive officer of Hipgnosis, said in a statement.
Blackstone partnered with Hipgnosis in 2021 and pledged to make an initial $1 billion to launch a private vehicle called Hipgnosis Songs Capital to acquire music rights and manage its catalog. Kenny Chesney, Leonard Cohen and Justin Timberlake are among other artists whose work has been purchased by Hipgnosis and Blackstone.
The transaction was previously reported by the Wall Street Journal.
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