Pop star Justin Bieber is close to a deal worth about $200 million (approximately R$ 1.04 billion) to sell his music rights to Hipgnosis Songs Capital, which has Blackstone as a shareholder, according to the Wall Street Journal in the Wednesday (21), citing sources familiar with the matter.
Hipgnosis purchases music catalogs from artists and earns revenue when their music is streamed online or used in movies or advertising.
Bieber rose to fame when he was 13 after the success of his song “Baby”. The pop star revealed in June that he has been diagnosed with Ramsay Hunt Syndrome, which has left half of his face paralyzed, forcing him to cancel his performances.
Pop artist Justin Timberlake also 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 announced a partnership in October to invest around US$ 1 billion (about R$ 5.2 billion) in the acquisition of phonographic rights.
Representatives for Hipgnosis and Bieber declined to comment.
Source: CNN Brasil
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