Justin Bieber is closing in on sealing a $200 million deal with Hipgnosis Songs Capital to sell his music rights, according to multiple media reports published earlier this week.
If both groups reach an agreement, the deal will reportedly include shares of the pop singer’s recorded-music catalog and other published works. The Wall Street Journal first reported the news on Wednesday, with the reports later confirmed by other outlets.
However, the catalog will still be administered and owned by Universal if a deal is reached, according to Variety.
The deal would be the largest acquisition to date for Hipgnosis, which earlier this year acquired the rights to Justin Timberlake’s publishing and recorded music catalog for $100 million.
JUSTIN BIEBER, MADONNA, ADIDAS AND MORE NAMED IN CLASS ACTION CRYPTOCURRENCY LAWSUIT
Generally, publishing rights are not as valuable as the actual recorded songs and albums; however, revenue from advertising and movie licensing can provide a significant profit over a period of time, especially for popular artists like Bieber.
Although Bieber’s music is relatively new compared to past catalog sales for artists such as Bob Dylan and Bruce Springsteen, the singer’s hit songs like “Sorry,” “Love Yourself,” and “Baby” are still widely popular with a generation of music fans. Both Springsteen and Dylan sold their catalogs two years ago in middle-nine-figure deals.
CLICK HERE TO SIGN UP FOR THE ENTERTAINMENT NEWSLETTER
Previously, Hipgnosis acquired the catalogs of older singers, such as Leonard Cohen, whose music dates back over five decades.