Hipgnosis is expected to close the deal
After weeks of rumors, Justin Bieber is close to selling his music rights to $200 million to Hipgnosis Songs Capital. The Wall Street Journal reports the potential deal includes the pop star’s interest in publishing and recorded music catalog since 2007.
If the deal happens, Bieber’s catalog would be Hipgnosis’ largest music-rights acquisition to date. In May, the company acquired Justin Timberlake’s catalog for more than $100 million.
Sources tell Variety that Universal Music Group will still own and administer Bieber’s music. Neither party has commented on the matter as of press time.
The news follows the October announcement that Bieber was postponing his Justice Tour until further notice due to physical and mental tolls due to his diagnosis of Ramsay Hunt Syndrome. The tour, originally slated to begin in 2020 before being postponed due to the COVID-19 pandemic, kicked off in February of this year in San Diego, and made stops in ten countries across three continents before the pop star postponed it in September with 12 dates being canceled and then postponed the remainder dates in October.
Neil Diamond, Bob Dylan, Bruce Springsteen, Jason Aldean, Kenny Chesney, Travis Tritt, Motley Crue, Paul Simon, David Crosby, Neil Young, The Beach Boys, and others have all sold part of or 100% of their catalogs in recent years.
Music acquisitions have cooled off recently as artists have demanded more money and interest rates and taxes have risen for capital gains have risen. Hits Daily Double reports that Katy Perry is also rumored to be shopping her catalog for between $80-$100 million with a deal expected by year’s end.
