Justin Timberlake Sells Music Catalog To A Blackstone-Backed Management Company For $100M
Justin Timberlake’s music collection spans over two decades and he’s selling it!
Grammy-award winning, R&B star, Justin Timberlake, sold his entire song catalog to Hipgnosis Song Management, a London-based firm.
On Thursday (May 26) the firm announced purchasing all of Justin Timberlake’s copyrights on songs he’s written or co-wrote. Merck Mercuriadis, Hipgnosis’s CEO, counted a total of about 200 songs including “Sexy Back,” “Cry Me A River,” “Mirrors,” and more.
The singer rose to stardom in 1995 while being a member of former boy band NSYNC. In 2001, Timberlake, 41, launched his solo career which included five studio albums and 40 singles.
In a press conference on Thursday (May 26) Timberlake stated:
“I am excited to be partnering with Merck and Hipgnosis . He values artists and their creative work and has always been a strong supporter of songwriters and storytelling. I look forward to entering this next chapter.”
In a statement in during the press conference, Merck Mercuriadis, who has managed artists like Beyonce, said:
“Putting this deal together has been a complete labor of love…I’m delighted to welcome them all to the Hipgnosis Family. This is the beginning of what we believe will be an incredible relationship important to us all.”
The deal only covers the song-writers publishing rights. Meaning, only songs Timberlake wrote himself, or participated in writing, will be included in the deal. Hits such as “Bye Bye Bye,” which is in NSYNC’s song catalog, will not be included in the deal.
On behalf of Hipgnosis Songs Capital, the purchase of Timberlake’s track catalog was made. Hipgnosis Song Management has a $1 billion partnership with funds managed by Blackstone. The fund profits off of purchases of Justin Timberlake’s music through streaming, performing, television and more.
The singer is one of many younger stars getting paid immediately for their partnership with Hipgnosis. Colombian singer, Shakira, signed a deal with Hipgnosis back in January.
“In the case of those younger songwriters, they’re looking to de-risk their future, they’re looking to be put in a position where they can make music for pure purposes going forward based on what they want to do, as opposed to what they have to do for money.”
The deal’s financial terms has not been disclosed, however, it’s been estimated to be worth over $100 million.
In the press release. David Lande and Mitch Tenzer of Ziffren Brittenham LLP added:
“Justin’s incredible catalogue will join other amazing works at Hipgnosis which we know will serve as a great steward of his work.”
Timberlake shared with everyone that he was looking forward to “entering this next chapter,” of his music career.
“These are not only some of the most culturally important songs and extraordinarily successful songs of the last 25 years, but they’re going to continue to be so for decades and decades to come. I want Justin to be proud to be standing next to Nile Rodgers, and I want Nile Rodgers to be proud to be standing next to Neil Young, and I want Neil Young to be proud to be standing next to Chrissie Hynde, and I want Chris Hynde to be proud to be standing next to Timbaland.”
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