Justin Timberlake Sells His Hits For $100 Milliom
Avery Gonzales Justin Timberlake Can’t Stop the Feeling of being wealthy, especially now that the hitmaker has sold his entire song catalog in a deal reportedly worth $100 million. The singer—who first found fame in 1995 as a member of boy band NSYNC—says he’s “excited” about the deal as he becomes the latest artist to secure a massive payday by signing away the rights to his catalog.
The lucky buyer of Timberlake’s catalog is the London-based firm Hipgnosis Song Management, a $1 billion fund supported by the private equity firm Blackstone. The massive deal includes the singer’s copyrights to 200 songs, including those he wrote himself and others where he is credited as a co-writer.
Timberlake’s hits include Cry Me a River, Sexyback, Can’t Stop the Feeling, and a slew of hits he recorded during his time with NSYNC—such as Bye Bye Bye and It’s Gonna Be Me.
The dollar figure behind the deal has not been disclosed, but people familiar with the matter have pegged the number at around $100 million. To put that into perspective, the current value of JT’s fortune (before the deal) is estimated to be in the ballpark of $60 million.
Justin Timberlake is not only one of the most influential artists of the last 20 years, but he’s also one of the greatest songwriters of all time,” Hipgnosis CEO, Merck Mercuriadis, said of the deal. “His hit songs including Cry Me a River, Rock Your Body, SexyBack, My Love, What Goes Around… Comes Around, Suit & Tie, Mirrors and Can’t Stop the Feeling are amongst the most iconic of the period.”
Timberlake added: “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.”
Timberlake joins dozens of other artists who have signed over the rights to their songwriting catalogs. In December, Bruce Springsteen sold his catalog to Sony in a deal valued at $500 million. Bob Dylan did the same, selling his catalog of recorded music to Sony as well. Tina Turner sold her catalog to BMG in October for $50 million.
When a catalog is sold, 100% of the songwriter's copyright interest — including all income and rights to each song — is typically relinquished. Investors and music publishers have been buying catalogs for as much as 30 times their average annual royalties as of late.
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Source: CNN, The Guardian
