The purchase was carried out on behalf of Hipgnosis Songs Capital, a partnership between Hipgnosis Song Management and the asset manager Blackstone, Hipgnosis Song Management said in a news release said. With this move, Bieber, 28, joins a growing list of artists who have sold the rights to their music. The acquisition of Bieber’s music is the latest major deal for the music licensing business, which has taken off in recent years. In 2021, Blackstone invested $1 billion to set up Hipgnosis Songs Capital with Hipgnosis Song Management, the investment management firm for Hipgnosis Songs Fund. Blackstone also bought an ownership stake in Hipgnosis Song Management.

Source: Washington Post January 25, 2023 19:51 UTC