Justin Timberlake Sells the Rights to His Song Catalog in $100 Million Deal

Shelley Robinson, Bloomberg News

Recording artist Justin Timberlake performs onstage during the Pepsi Super Bowl LII Halftime Show at U.S. Bank Stadium on February 4, 2018 in Minneapolis, Minnesota. , Photographer: Christopher Polk/Getty Images

(Bloomberg) -- 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.