Pop star Justin Bieber has sold the rights to his music catalog to Blackstone-backed Hipgnosis Songs Capital for over $200 million. This means that Hipgnosis will now receive royalties whenever a Justin Bieber song is streamed or used in a movie, TV show, or other media.

This news was widely speculated last month and was confirmed by the company. This is a significant deal for both Bieber and Hipgnosis, as it provides Bieber with a substantial financial payout for his past and future music creations and gives Hipgnosis a valuable asset to add to their music rights portfolio.

The sold music catalog includes approximately 290 songs he has released up until the end of 2021, to Hipgnosis Songs Capital. The original master recordings of his songs will also belong to the company. The details of the deal have not been made public, but it is estimated to be worth $200 million.

Bieber’s manager, Scooter Braun, expressed his support for the deal and said, “When Justin made the decision to make a catalog deal, we quickly found the best partner to preserve and grow this amazing legacy was Merck and Hipgnosis. For 15 years, I have been grateful to witness this journey and today I am happy for all those involved. Justin’s greatness is just beginning.”

Merck Mercuriadis, the founder and CEO of Hipgnosis Song Management, also commented on the deal saying, “The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable. This acquisition ranks among the biggest deals ever made for an artist under the age of 70, such is the power of this incredible catalog that has almost 82 million monthly listeners and over 30 billion streams on Spotify alone. Scooter Braun has helped him build a magnificent catalog, and it’s a pleasure to welcome Justin and his incredible songs and recordings to the Hipgnosis family.”

The deal comes at a time when Bieber is taking a break from the music scene, as he recently postponed the remaining dates for his ‘Justice’ tour until a later date. The tour was originally set to debut in 2020, but has been repeatedly delayed due to the pandemic and Bieber’s battle with Ramsay Hunt syndrome, a rare virus that caused facial paralysis.