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The buyers were Hipgnosis Song Management and the private equity firm Blackstone.
The deal with Timberlake gives Hipgnosis Songs Capital full control and ownership over his interest in 200 songs that he has written or co-written during his career with the boyband *NSYNC and as a solo artist.
As a solo artist, Timberlake sold 88 million copies of his albums globally.
The “SexyBack” singer released his latest album Man of the Woods in 2018. The artist has claimed 33 songs on the Billboard 100 since releasing his debut studio album Justified when *NSYNC split for a hiatus.
Hipgnosis offers investors the chance to make money from the royalties of popular songs by artists from Beyoncé to Barry Manilow. It works with Blackstone to acquire music rights and manage catalogues, with $1bn of initial funding from the private equity firm.
Hipgnosis Songs Capital struck a deal in March this year, buying Leonard Cohen’s share of his songwriting catalogue from the late singer’s estate.
Founder and chief executive of Hipgnosis, Merck Mercuriadis said: “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.
“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 among the most iconic of the period,” he said in a statement published in The Guardian.
Timberlake said: “I am excited to be partnering with Merck and Hipgnosis – he values artists and their creative work and has always been a strong supporter of songwriters and storytelling.”