Justin Timberlake has sold the rights to his songs including hits such as ‘Cry Me A River’ and ‘Rock Your Body’ to Hipgnosis Song Management, the latest pop star to cash in on his body of work in the red-hot market for music streaming.
The financial terms of the deal were not disclosed, although a report by the Wall Street Journal said the transaction was valued at just above $100 million.
The deal was made on behalf of Hipgnosis Songs Capital, a partnership between Hipgnosis Song Management and funds managed by investment firm Blackstone Inc, the advisory firm owned by music executive Merck Mercuriadis said in a statement.