Justin Bieber has sold his music rights to Hipgnosis Songs Capital in a reported $200 million deal.

Billboard said Tuesday that Hipgnosis has closed a deal to acquire 100% of Bieber's publishing, along with artist royalties from his master recordings and neighboring rights.

According to Rolling Stone, the deal covers all 290 titles in Bieber's catalog released prior to Dec. 31, 2021, including his most recent album, Justice, released in March 2021.

Sources told Variety that Bieber's songs will continue to be administered by Universal Music.

"I want to thank Merck [Mercuriadis] and his entire Hipgnosis team and all of our partners involved for working so hard to make this historic deal happen," Hybe America CEO and Bieber's longtime manager Scooter Braun said in a statement. "When Justin made the decision to make a catalog deal, we quickly found the best partner to preserve and grow this amazing legacy was Merck and Hipgnosis. 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."

Mercuriadis added: "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 catalog that has almost 82 million monthly listeners and over 30 billion streams on Spotify alone. Scooter Braun has helped him build an incredible catalog, and it's a pleasure to welcome Justin and his incredible songs and recordings to the Hipgnosis family."

The Wall Street Journal reported in December that the deal was nearing a close and estimated it to be valued at around $200 million.