This move has mostly been seen among legacy artists like Bob Dylan and Bruce Springsteen.
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| Credit: Justin Bieber/Instagram |
Justin Bieber has reportedly sold his music publishing and recording catalog shares to the Blackstone-backed Hipgnosis Songs Capital, marking the latest blockbuster rights deal in the industry.
The sale, which had been rumored for weeks, sees Bieber join a host of other artists who have cashed out on their catalogs recently.
Hipgnosis did not publicly disclose the terms of the deal. However, a source close to the matter revealed to AFP that the deal was worth around $200 million.
The sale, which had been rumored for weeks, sees Bieber join a host of other artists who have cashed out on their catalogs recently.
Hipgnosis did not publicly disclose the terms of the deal. However, a source close to the matter revealed to AFP that the deal was worth around $200 million.
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| Credit: Justin Bieber/Instagram |
This move has mostly been seen among legacy artists like Bob Dylan and Bruce Springsteen, however, contemporary stars such as Justin Timberlake and Shakira have also sold large stakes in their work, also to Hipgnosis.
Music catalogs have always changed hands, but the current publishing sales boom has escalated rapidly, with financial markets increasingly drawn to lucrative music portfolios as an asset class.
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Music catalogs have always changed hands, but the current publishing sales boom has escalated rapidly, with financial markets increasingly drawn to lucrative music portfolios as an asset class.
Related: Justin Bieber Recognizes a Low Point in his Life — his 2014 Arrest
Read Next: Adam Lambert Reflects on Backlash from 2009 AMA Same-Sex Kiss at Event
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