Justin Bieber has sold his share of the rights to his music to Hipgnosis Songs Capital for a reported $200m (£162m), a move that secures his financial future.

The firm now owns the pop star's stake in some of the biggest hits including Baby and Sorry.

"Justin is truly a once in a generation artist and that is reflected and acknowledged by the magnitude of this deal," Bieber's longtime manager, Scooter Braun, is quoted in a statement.

"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."

Bob Dylan, Bruce Springsteen, Neil Young, Stevie Nicks, Justin Timberlake, Sting and others recently sold the rights to their royalties. Warner Music Group also purchased late British rock star David Bowie's entire catalog spanning six decades. Springsteen's deal was worth about $550 million.

Bieber, 28, one of the best-selling artists of the 21st Century, joins a growing group of artists who have cashed out on their catalogues.

The move means Hipgnosis will receive a payment every time a song it owns is streamed or used on radio, TV or film. The company acquired Bieber's publishing copyrights to his 290-song back catalogue. It also acquired his share in the original master recordings of his songs, including all of his music released before December 31, 2021.

The singer recently postponed the remaining dates in his "Justice” tour until an unspecified time "next year.”

The tour was originally scheduled to launch in 2020 but has been postponed or delayed several times, initially due to the pandemic but most recently following his bout with Ramsay Hunt syndrome, a rare virus that in his case caused facial paralysis.

It finally launched in March and covered most of North America, but he postponed the remaining dates early in June after announcing his difficulties with the disease.