Pop star Justin Bieber is set to score a massive deal that would put his music rights under the ownership of Hipgnosis Song Management, an investment entity backed by Blackstone Inc., according to people familiar with the matter.

Bieber’s stake in his publishing rights and recorded music catalog could fetch about $200 million, said the people, who asked not to be identified because the discussions are private. While the parties are working toward a deal, an agreement hasn’t been signed and nothing is imminent, one of the people said.

Representatives for Bieber couldn’t be immediately reached for comment. Representatives for Hipgnosis and Blackstone declined to comment. The potential deal was reported earlier Wednesday by the Wall Street Journal.

Hipgnosis has been one of the main drivers behind an uptrend in music catalog sales. The sector has grown more popular with private equity giants like Blackstone and Apollo Global Management Inc. pursuing deals in the space more intently.

Last year, Blackstone struck a partnership with Hipgnosis and vowed to commit an initial $1 billion to launch a private vehicle called Hipgnosis Songs Capital, created to acquire music rights and manage catalogs. But investors who had initially sought this asset class as a place to store excess capital have now seen deals in the space retreat given the tightening global economy and as catalog backers look for more ways to put music rights to work.

Still, a potential deal for Bieber’s music rights could rank among the highest around. Catalogs of Kenny Chesney, Leonard Cohen and Justin Timberlake are among those acquired by Hipgnosis and Blackstone. John Legend, Bruce Springsteen, Stevie Nicks and Bob Dylan have also struck deals with other firms.

This article was provided by Bloomberg News.