Hipgnosis Song Management, an investment entity backed by Blackstone, is closing in on a deal to acquire Canadian pop star Justin Bieber’s music rights for $200 million, according to a report by the Wall Street Journal.
Hipgnosis Song Management, an investment entity backed by Blackstone, is closing in on a deal to acquire Canadian pop star Justin Bieber’s music rights for $200 million, according to a report by the Wall Street Journal.
The report cites unnamed sources revealing that the proposed deal would cover both Bieber’s publishing and recorded music catalogues. Negotiations are said to be ongoing and no deal has been agreed yet.
Blackstone struck a partnership with Hipgnosis last year pledging to commit an initial $1 billion to launch Hipgnosis Songs Capital, an investment vehicle focused on acquiring music rights and managing back-catalogues. The catalogues of Kenny Chesney, Leonard Cohen and Justin Timberlake are among those acquired by Hipgnosis and Blackstone to date.
