American pop superstar Justin Timberlake has sold his entire music catalogue to Hipgnosis Song Management, a music-investment company backed by private-equity firm Blackstone Inc. The music company announced the acquisition in a statement on Thursday.
Hipgnosis is an investment company that offers investors the chance to make money from the royalties of popular songs by artists such as Barry Manilow, Beyoncé, and, now lately, Justin Timberlake. Hipgnosis teamed up with Blackstone last year to launch a private vehicle called Hipgnosis Songs Capital. With $1bn of initial funding from Blackstone, it was set up to acquire music rights and manage catalogues. The private equity firm also took a stake in Hipgnosis.
According to a report by The Wall Street Journal, the deal is valued upwards of $100 million. It includes around 200 songs Timberlake has written or co-written throughout his 20-plus-year music career, the boyband ‘NSync and as a solo artist. Timberlake, who first came to prominence in 1995 as one of the two lead singers in ‘NSync, has sold over 158 million copies of his albums both as a member of the NSync group and as a solo artist. As part of the deal, Timberlake has now relinquished ownership of hits, including NSync’s “Pop” and “Girlfriend,” “Cry Me a River,” “SexyBack,” and “Mirrors” from his solo career, and “Can’t Stop the Feeling” from 2016’s animated film Trolls.
This will not be the first time the American songwriter will be trading off his asset. In 2011, Timberlake bought the social media website MySpace in a deal worth $35 million. Then, five years after acquiring the website, Timberlake sold it to Time Inc in a deal worth $87 million.