Justin Bieber is nearing a deal to sell his music rights to Blackstone-backed Hipgnosis Songs Capital for around $200 million, sources confirm to Variety. The news, which has been rumored for weeks, was first reported by Hits and the Wall Street Journal.
The deal, which sources stress is not yet done, includes Bieber’s shares of his publishing and recorded-music catalog, which sources tell Varietywill continue to be administered and owned (respectively) by Universal even if the deal closes.
The news arrives during a troubled time for the singer, just weeks after he postponed the remaining dates in his “Justice” tour until an unspecified time “next year.” The tour, which was originally scheduled to launch in 2020, has been postponed or delayed several times, initially due to the pandemic but most recently following his bout with Ramsay Hunt syndrome, a rare virus that in his case caused facial paralysis. It finally launched in March and covered most of North America, but he postponed the remaining dates early in June after announcing his difficulties with the disease.
It also comes amid a general cooling-off of the formerly red-hot catalog market, which has become less attractive as asking prices have soared and interest rates and capital gains taxes have risen.
Bieber’s catalog, while containing shares of his multiple hits over the past 15-odd years, is also less of a proven quantity than more seasoned catalogs, such as Genesis and Phil Collins, whose catalogs were sold for a reported $300 million earlier this year.ORDER A COPY OF ROB’S NEW BEST SELLING BOOK! Called “America’s Number ONE Gossip Columnist” by The National Enquirer. Rob ‘Naughty But Nice’ Shuter breaks celebrity news every day on his website NaughtyGossip.com where he delivers all the dish about the stars we love in his naughty but nice signature style. You can also catch him co-hosting and breaking celebrity news on Good Day New York, The Today Show, The Talk, Wendy Williams Show, CNN, Extra and Z100’s ‘Elvis Duran.’ Previously, Rob was the Huffington Post’s only celebrity columnist and the former executive editor of OK! Magazine. Rob has also hosted his own Saturday night talk show on Mark Cuban’s channel and his own daily morning show, ‘The Gossip Table,’ on VH1! Breaking some of the biggest entertainment stories, including Jamie Lynn Spears’s pregnancy news, Britney’s first post-meltdown interview, Eva Longoria’s wedding, and baby exclusives for Jessica Alba, Tori Spelling and Mathew McConaughey’s tots, Rob always knows where to find the best scoop. Before Rob was one of the world’s most successful entertainment reporters, he was a publicist working for Jennifer Lopez, Alicia Keys, P. Diddy, Jessica Simpson and Jon Bon Jovi! Now he is bringing all this experience to his new show on I HEART MEDIA in his unique cheeky way, that is always a pinch and never a punch!