Dec 21 (Reuters) – Pop star Justin Bieber is nearing a deal value about $200 million to promote his music rights to Blackstone Inc-backed (BX.N) Hipgnosis Songs Capital, the Wall Avenue Journal reported on Wednesday, citing folks acquainted with the matter.
The potential deal contains the Canadian artist’s curiosity in each his publishing and recorded music catalog, in line with the report.
Hipgnosis buys music catalogs from artists and earns income when their music is streamed on-line or utilized in motion pictures or promoting.
Bieber rose to fame when he was 13 years previous following the success of his music “Child”. The pop star disclosed in June that he was recognized with Ramsay Hunt Syndrome, which left half of his face paralyzed, forcing him to cancel his performances.
Fellow pop artist Justin Timberlake offered the rights to his songs, together with hits reminiscent of “Cry Me A River” and “Rock Your Physique”, to Hipgnosis Track Administration in Might.
Blackstone and Hipgnosis Track Administration Ltd announced a partnership in October to speculate about $1 billion to amass music rights and handle catalogs.
Hipgnosis and Bieber didn’t instantly reply to a Reuters request for remark.
Reporting by Akash Sriram in Bengaluru; Enhancing by Anil D’Silva
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