According to sources who spoke with Variety, Justin Bieber is close to signing a contract to sell the Blackstone-backed Hipgnosis Songs Capital his music rights for about $200 million.

The Wall Street Journal and Hits were the first publications to break the rumored news.

Sources tell Variety that even after the purchase closes, Universal will still manage and hold (respectively) Bieber’s shares of his publishing and recorded-music catalogs, which are included in the deal.

We're now on WhatsApp. Click here to join.

Moreover, Variety’s inquiries for comment from representatives for Bieber and Hipgnosis were either refused or went unanswered.

As a matter of fact, the musician is now going through a difficult period, having recently announced a vague “next year” schedule change for the remaining dates of his “Justice” tour.

Justin Bieber Close On Signing $200 Million Deal To Sell His Music Rights — Justin Bieber

READ ALSO: Wow! Burna Boy, Rema, And Ayra Starr Included In Barack Obama’s Playlist for 2022

The trip, which was supposed to begin in 2020, has been repeatedly postponed or delayed, first because of the pandemic and most recently because of his experience with Ramsay Hunt syndrome, a rare virus that, in his case, resulted in facial paralysis.

The majority of North America was covered when it finally started in March, but he postponed the remaining dates in early June after disclosing his struggles with the illness.

Additionally, it coincides with a general slowdown in the once-hot catalog market, which has lost appeal as a result of rising asking prices, interest rates, and capital gains taxes.

While featuring some of his numerous successes from the past 15 or so years, Justin Bieber’s library lacks the same level of proven quality as more seasoned catalogs like Genesis and Phil Collins, whose catalogs were sold for an estimated $300 million earlier this year.

But some businesses, most notably Hipgnosis, have adopted more recent collections. The Bieber agreement, according to the Journal, would represent Hipgnosis’ largest music rights buy to date.

A few years older than Justin Bieber, Justin Timberlake’s songs were purchased by the corporation earlier this year in a deal estimated to be valued little over $100 million.

Even while it is said that Bieber only contributed a small portion to songs like “Sorry,” “Love Yourself,” and even older songs like “Baby,” they are nevertheless enormous global blockbusters that for many people define an era.

In contrast, Hipgnosis also purchased Leonard Cohen’s back catalog, which contains numerous timeless songs that are older than 50 years.