Justin Bieber has settled his financial dispute with Scooter Braun and the result is costing the singer a pretty penny.
The “Sorry” singer and his former manager reached a settlement agreement on Thursday that calls for Bieber to cough up millions in owed funds to Braun’s Hybe company, per TMZ.
Reps for Bieber and Braun did not immediately respond to Page Six’s requests for comment.
As we previously reported in May, an independent audit conducted by PricewaterhouseCoopers (PWC) revealed that Bieber owed Braun more than $8,806,000.
At the time, a source exclusively told us the money owed came from a loan Braun made to Bieber over debt accrued due to his canceled 2022 “Justice” tour.
“He stepped in to help him,” the insider shared.
Bieber’s last minute cancellation of his tour reportedly hurt his pockets. After he accepted a $40 million advance from AEG (the company backing the tour) and backed out, the company asked him to repay them $26 million of the money that was already loaned to him.
That’s when Braun stepped in and paid Bieber’s $26 million debt to AEG through his Hybe company.
According to the terms of their settlement agreement reported by TMZ, Bieber was asked to pay back the $26 million owed. Braun will also be repaid half of the $11 million that he alleged Bieber owed for various unpaid commissions over the years.
Bieber’s growing debt seems to have coincided with recent reports of him experiencing a list of financial woes.
Bieber — who has an estimated net worth of $300 million — sold his music catalog for $200 million in 2022.
In May, it was reported in a TMZ Investigates documentary “What Happened to Justin Bieber?” that the singer was forced to sell his catalogue because he was on the verge of “financial collapse.”
“Justin said, ‘I gotta sell it now.’ And he sold it in December. That’s how broke he was,” said TMZ executive producer Harvey Levin in the documentary.
It also appears likely that the debt played a role in his distant relationship with Braun — who, at one point, shared a close relationship working with the singer for 15 years.
Last month, Braun revealed his relationship with Bieber, 31, is currently not “the same as it was.”
“I think there comes a point where I understand he probably wants to go on and show that he can do it,” the 43-year-old said.
“I think you get to a point as a man where you want to show the world you can do it on your own,” Braun continued. “And I completely respect that.
“I think at this point, that’s what he’s doing,” he added. “Myself and everyone from the old team is rooting for him.”