Los Angeles, California - Pop sensation Justin Bieber is close to sealing a deal worth millions by selling the rights to his music catalog.

According to The Wall Street Journal, Bieber (28) is in the middle of a deal with Blackstone-backed Hipgnosis Songs Capital for the rights to his music, which will net him around $200 million.

The deal will include his publishing and recorded music catalog, which will still be owned and administered by his label Universal if the deal goes through.

He joins the ranks of other high-profile musicians who have recently done the same, including Bruce Springsteen, Bob Dylan, and Justin Timberlake, who also sold his catalog to Hipgnosis back in May.

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The good news couldn't have come at a better time for the pop star, who has had a bit of a rough year.

In September, he was forced to indefinitely postpone his Justice World Tour after being diagnosed with a rare condition called Ramsey Hunt Syndrome, which left parts of his face paralyzed

Most recently, the Biebs had beef with H&M after the fashion brand began producing and selling merchandise with his name and image on it without his consent. Fortunately, H&M decided to pull the products after the artist's criticism.

Justin Bieber's deal is the largest sum Hipgnosis has paid out to an artist for their catalog to date.