Justin Bieber has sold his music rights to Blackstone-backed Hipgnosis Songs Capital for $200 million.

The company confirmed the massive deal on Tuesday, Jan 24.

The deal includes a vast amount of Bieber’s catalogue, including master recordings and neighbouring rights for his entire back catalogue.

READ MORE: Justin Bieber Turned Down Coachella Headlining Slot To Work On New Album: Report

Sources have told Variety  that Bieber’s music will continue to be administered by Universal Music, his longtime label.

Scooter Braun, Bieber’s manager of 15 years, spoke glowing words of the “historic” deal in a press release.

“I want to thank Merck and his entire Hipgnosis team and all of our partners involved for working so hard to make this historic deal happen. When Justin made the decision to make a catalogue deal, we quickly found the best partner to preserve and grow this amazing legacy was Merck and Hipgnosis,” stated Braun.

 For 15 years I have been grateful to witness this journey and today I am happy for all those involved. Justin’s greatness is just beginning.”

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Merck Mercuriadis, founder and CEO of Hipgnosis Song Management, also praised Bieber’s catalogue and his cultural significance as a pop culture icon.

“The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable. This acquisition ranks among the biggest deals ever made for an artist under the age of 70, such is the power of this incredible catalogue that has almost 82 million monthly listeners and over 30 billion streams on Spotify alone.”