More
    HomeCelebsJustin Bieber coughs up millions to Scooter Braun after financial dispute —...

    Justin Bieber coughs up millions to Scooter Braun after financial dispute — but the singer still scored a win: report

    Published on

    spot_img



    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.

    Justin Bieber and Scooter Braun have reportedly settled their financial dispute. GC Images
    As per the terms of the agreement, Bieber will repay Braun’s company Hybe millions of dollars due to a debt he accrued in 2022. Getty Images for Spotify

    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.

    The “Sorry” singer found himself with his pockets hurting after he canceled his 2022 “Justice” tour. WireImage
    Braun agreed to step in on Bieber’s behalf and paid the singer’s $26 million debt to AEG. Kevin Mazur/One Love Manchester

    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.”

    Bieber was also required to repay Braun half of the $11 million that the mogul claims Bieber owed for various unpaid commissions over the years. justinbieber/Instagram
    The agreement comes amid reports of the singer’s rumored financial woes. Instagram/justinbieber

    “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.”

    In May, it was reported that Bieber sold his music catalog for $200 million in 2022 because he was near “financial ruin.” Getty Images for Coachella
    In June, Braun revealed his relationship with Bieber — whom he used to work closely with for 15 years — was not “the same as it was.” scooterbraun/Instagram
    “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 shared. “And I completely respect that.” WireImage

    “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.”



    Source link

    Latest articles

    7 Hacks To Work From Home Like a Pro

    Hacks To Work From Home Like a Pro Source link...

    HGTV’s Keith Bynum Makes Surprising Statement About ‘Bargain Block’ Ending

    Keith Bynum was shocked when he learned that HGTV wasn’t renewing his home...

    More like this

    7 Hacks To Work From Home Like a Pro

    Hacks To Work From Home Like a Pro Source link...