This still very young foreign born A/A- list singer really doesn’t want to tour ever again, and has thought about retiring too.
What better way for his manager to cash in then, by taking a commission on the sale of a music catalog of the singer.
Justin Bieber Close to $200 Million Deal to Sell His Music Rights
Justin Bieber is nearing a deal to sell his music rights to Blackstone-backed Hipgnosis Songs Capital for around $200 million, sources confirm to Variety. The news, which has been rumored for weeks, was first reported by Hits and the Wall Street Journal.
The deal, which sources stress is not yet done, includes Bieber’s shares of his publishing and recorded-music catalog, which sources tell Variety will continue to be administered and owned (respectively) by Universal even if the deal closes.
Reps for Bieber and Hipgnosis either declined or did not respond to Variety‘s requests for comment.
The news arrives during a troubled time for the singer, just weeks after he postponed the remaining dates in his “Justice” tour until an unspecified time “next year.” The tour, which was originally scheduled to launch in 2020, has been postponed or delayed several times, initially due to the pandemic but most recently following his bout with Ramsay Hunt syndrome, a rare virus that in his case caused facial paralysis. It finally launched in March and covered most of North America, but he postponed the remaining dates early in June after announcing his difficulties with the disease.
It also comes amid a general cooling-off of the formerly red-hot catalog market, which has become less attractive as asking prices have soared and interest rates and capital gains taxes have risen. – Source
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