Singer Justin Timberlake has made a huge business decision, as he’s decided to cash in on his music catalog that spans 20 years.
The 41-year-old musician made a lucrative deal with Hipgnosis Song Management, collecting what’s believed to be $100 million for his catalog.
Based on reports, Timberlake is now ready to move on to other things in his career, which could likely include wearing various hats based on his entertainment career.
Justin Timberlake sells music catalog for $100M
According to a report via People, Justin Timberlake reached a deal with Hipgnosis Song Management, backed by Blackstone private equity, to sell his entire music catalog. The agreement gives the company copyrights for 200 songs that Timberlake co-wrote.
Among the songs that Hipgnosis now owns are Timberlake’s smash hits SexyBack, Can’t Stop the Feeling, and Mirrors. The specifics of the financial agreement weren’t revealed, but Wall Street Journal speculated it was worth $100 million.
Merck Mercuriadis, the founder and CEO of Hipgnosis Song Management, commented on the huge deal in a press release.
“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,” Mercuriadis said, adding, “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.”
“Putting this deal together has been a complete labor of love,” Mercuriadis said. “I’m delighted to welcome them all to the Hipgnosis Family. This is the beginning of what we believe will be an incredible relationship important to us all.”
Justin Timberlake was a member of the popular boy band NSYNC in the late 1990s through the early 2000s before branching out on his successful solo career.
He debuted with 2002’s Justified as his first studio album and followed it up with four more. His most recent was 2018’s Man of the Woods. Except for Justified, each of his albums reached No. 1 on the Billboard 200 charts.
Timberlake also had four No. 1 songs during his nearly 20-year career with SexyBack, My Love, What Goes Around… Comes Around, and Can’t Stop the Feeling.
The pop superstar has performed at the NFL’s Super Bowl twice, including his controversial Super Bowl XXXVIII performance alongside the legendary Janet Jackson and his solo show for Super Bowl LII.
Timberlake joins other artists who’ve sold music catalogs
Timberlake is one of several prominent artists who have now scored a nice sum of money by selling the rights to their music catalogs. Other artists who have done so before Timberlake include music icons Bruce Springsteen, Sting, and Bob Dylan.
“I am excited to be partnering with Merck and Hipgnosis,” Justin Timberlake said in a statement. “He [Mercuriadis] values artists and their creative work and has always been a strong supporter of songwriters and storytelling.”
In addition, Timberlake said he is excited about “entering this next chapter” of his career. That could include more acting and possibly producing or directing.
He’s set to star in 2022’s Reptile, a crime-thriller directed by Grant Singer, co-starring Alicia Silverstone and Benicio del Toro. Per Timberlake’s IMDB page, the film is currently in post-production.
In addition to music and acting, Justin Timberlake has other business ventures, such as his work as an Air Jordan ambassador and a minority owner of the NBA’s Memphis Grizzlies with his wife, Jessica Biel.