Pop star Justin Bieber has sold his music publishing and recording catalogue shares to the Blackstone-backed Hipgnosis Songs Capital for $200m, the company said, marking the industry’s latest blockbuster rights deal.

The sale has been rumored for weeks and sees the 28-year-old join a who’s who of artists who have cashed out recently on their catalogues.

Hipgnosis did not publicly disclose the terms of the deal, but a source close to the matter told AFP news agency it was worth about $200m.

“The impact of Justin Bieber on global culture over the last 14 years has truly been remarkable,” Hipgnosis chief Merck Mercuriadis, a longtime music industry executive, said in a statement on Tuesday.

“At only 28 years of age, he is one of a handful of defining artists of the streaming era that has revitalised the entire music industry, taking a loyal and worldwide audience with him on a journey from teen phenomenon to culturally important artist.”

Hipgnosis Songs Capital is a $1bn venture between financial giant Blackstone and the British Hipgnosis Song Management. Hipgnosis said they acquired Bieber’s interest in his publishing copyrights to his 290-song back catalogue – all of his music released prior to December 31, 2021.

Bieber’s longtime home Universal will continue to administer the catalogue, another source close to the deal said, and still owns the artist’s master recordings. Hipgnosis has acquired the artist’s stake in his masters as well as his neighbouring rights – a royalty that sees its owner receive a payment every time a song is played publicly.

Contemporary stars, including Justin Timberlake and Shakira, have sold large stakes in their work – both also struck deals with Hipgnosis – but the move has mostly been seen among legacy artists like Bob Dylan and Bruce Springsteen.

The staggering sums – Springsteen’s catalogue went to Sony for a reported $500bn – are considered safe bets both for older artists getting their finances in order and investors who can count on consistent returns from time-tested music and the viability of streaming.

Younger catalogues are seen as riskier territory, but Bieber is among the best-selling artists ever, and now Hipgnosis has his share in some of the 21st century’s biggest hits, including Baby and Sorry.