Justin Timberlake Banks Reported $100M For Selling His Entire Music Catalog

Justin Timberlake is only beginning to embark on his 40s, but from the sounds of his latest business deal, the Tenessee native is ready to move on from his past in music and step into a new chapter of his career. As PEOPLE reports, it was revealed on Thursday, May 26th that Timberlake has made the decision to part with his entire catalog.

The Social Network actor has been working with Hipgnosis Song Management (backed by private-equity firm Blackstone) to come to an agreement including "copyrights of approximately 200 songs that Timberlake wrote or co-wrote," including hits like "SexyBack," "Can't Stop the Feeling," and "Mirrors."

At this time, the official financials remain unknown, but it's been estimated that the deal is worth just over $100 million, according to sources familiar with the matter.

"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," founder and CEO of Hipgnosis Song Management Merck Mercuriadis said in a press release. "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."

He went on to call working with Timberlake on the deal "a labour of love," adding, "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."

The FutureSex/LoveSounds artist also shared a statement, revealing that he's looking forward to "entering this next chapter" of his career.

"I am excited to be partnering with Merck and Hipgnosis," the former boyband member said. "[Mercuriadis] values artists and their creative work and has always been a strong supporter of songwriters and storytelling."

As PEOPLE notes, other stars to sell their own music catalogs in recent years include Bob Dylan, Sting, and Bruce Springsteen. Are you surprised by Justin Timberlake's decision? Sound off in the comments below, and tap back in with HNHH later for more music news updates.

[Via]