Dec 21 (Reuters) – Pop star Justin Bieber is about to sign a deal worth around $200 million to sell his music rights to Blackstone Inc-backed Hipgnosis Songs Capital, the Wall Street Journal reported Wednesday, citing people who are familiar with the case.
The potential deal includes the Canadian artist’s participation in both his publishing and recorded music catalogs, the report said.
Hipgnosis buys song catalogs from artists and earns revenue when their music is played online or used in movies or advertisements.
Bieber rose to fame at the age of 13 after the success of his song ‘Baby’. The pop star revealed in June that he had been diagnosed with Ramsay Hunt Syndrome, which left half his face paralyzed and forced him to cancel performances.
Fellow singer Justin Timberlake sold the rights to his songs, including hits like “Cry Me A River” and “Rock Your Body,” to Hipgnosis Song Management in May.
Blackstone and Hipgnosis Song Management Ltd announced a partnership in October to invest approximately $1 billion in music rights acquisition and catalog management.
Hipgnosis and Bieber did not immediately respond to a Reuters request for comment.
(Reporting by Akash Sriram in Bengaluru; Editing in Spanish by Aida Peláez-Fernández)
