Justin Bieber, a Canadian pop star, has signed a deal to have his music owned by Hipgnosis Song Management. This investment entity is backed Blackstone In.
Hipgnosis purchased Bieber’s copyrights and master recordings, as well as neighboring rights, Hipgnosis stated in a Tuesday statement. According to a source familiar with the deal, Universal Music Group still owns the rights to the original recorded musical music catalog.
Hipgnosis didn’t provide financial details. Representatives of Bieber did not immediately respond to a request to comment. Bloomberg reported that Bieber could sell his stake for around $200 million.
Merck Mercuriadis was the founder and chief executive of Hipgnosis.
Blackstone joined Hipgnosis 2021 as a partner and pledged to invest an initial $1 million to create a private vehicle, Hipgnosis Songs Capital, to acquire music rights and manage catalogues. Blackstone and Hipgnosis have also purchased the work of Leonard Cohen, Justin Timberlake, and Kenny Chesney.
The Wall Street Journal had previously reported the transaction.