In December, The Wall Street Journal reported that Justin Bieber was close to a deal to sell his music rights for big bucks. Well, the deal is done.
Variety reports that Justin has sold his shares of his publishing and recorded music catalog to Hipgnosis Songs Capital for more than $200 million. The deal includes his entire recording history of more than 290 songs released prior to December 31, 2021.
Variety quotes Justin's manager Scooter Braun as saying, "When Justin made the decision to make a catalog deal, we quickly found the best partner to preserve and grow this amazing legacy was...Hipgnosis. For 15 years I have been grateful to witness this journey and today I am happy for all those involved. Justin's greatness is just beginning."
According to Variety, the founder and CEO of Hipgnosis, Merck Mercuriadis, said in a statement, "The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable. This acquisition ranks among the biggest deals ever made for an artist under the age of 70."
Variety notes that while most artists who sell their catalogs tend to be veteran rock acts like Genesis, Bruce Springsteen, Bob Dylan and the members of Fleetwood Mac, Hipgnosis in particular has shelled out millions for the catalogs of younger artists like Justin Timberlake, Timbaland, Jack Antonoff and Mark Ronson.
The company also owns a portion of the rights to hit songs like "Despacito," Mariah Carey's "We Belong Together" and "Touch My Body," Madonna and Britney Spears' "Me Against the Music," Usher's "Yeah," The Chainsmoker's "Closer," Ed Sheeran's "Shape of You" and Maroon 5's "Girls Like You."
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