May 26, 2022, 9:56 AM EDT
Justin Timberlake Photographer: Christopher Polk/Getty Images
Justin Timberlake sold the rights to his song catalog to Blackstone Inc.-backed Hipgnosis Song Management, Dow Jones reported, citing fund executives.
The deal was valued at just above $100 million, Dow Jones reported, citing people familiar with matter. It gives Hipgnosis full ownership and control over the pop star’s interest in some 200 songs he wrote or co-wrote spanning his career.
Blackstone formed a partnership with Hipgnosis in October and committed an initial $1 billion to launch a private vehicle called Hipgnosis Songs Capital, created to acquire music rights and manage catalogs, according to the report. The New York-based private equity firm, which manages about $900 billion in assets, also took a stake in Hipgnosis.
The Blackstone-backed fund is separate from Hipgnosis Songs Fund Ltd., which trades on the London Stock Exchange and has purchased more than $2 billion of music rights, Dow Jones said in its report.