Justin Bieber settles millions worth of debt to Scooter Braun
What's the story
Pop sensation Justin Bieber (31) has reportedly settled a financial dispute with his former manager, Scooter Braun. The settlement agreement, reached on Thursday, requires Bieber to pay millions owed to Braun's HYBE company, reported TMZ. Here's how he incurred such a huge debt.
Financial aid
Debt from canceled 'Justice World Tour'
The debt reportedly stemmed from a loan Braun gave to Bieber after his canceled 2022 Justice World Tour. Quitting the tour early cost Bieber financially as he got a $40 million advance from AEG. This led the concert producer company to demand repayment of $26 million, for the unfinished shows. Braun then stepped in and paid this debt through HYBE.
Agreement details
Details of the settlement agreement
The settlement agreement requires Bieber to repay the $26 million debt. Additionally, Braun will receive half of the $11 million he claimed Bieber owed him for unpaid commissions. Despite these financial troubles, Bieber has an estimated net worth of $300 million as per The Richest, and back in 2022, he sold his music catalog for $200 million.
Personal impact
Relationship with Bieber not same as it was, acknowledged Braun
Bieber's mounting debt reportedly contributed to his strained relationship with Braun, who had worked closely with the singer for 15 years. Last month, Braun acknowledged that his relationship with Bieber is not "the same as it was." He said, "I think there comes a point where I understand he probably wants to go on and show that he can do it." Meanwhile, Bieber released his new album Swag on Friday after a four-year break.