Justin Bieber has finally settled his financial dispute with his former manager Scooter Braun, but it’s come at a huge cost. According to TMZ, Bieber has agreed to pay millions to Braun’s company, Hybe, as part of a new settlement deal made on Thursday.
Back in May, an independent audit by PricewaterhouseCoopers (PWC) found that Bieber owed Braun over $8.8 million. This was tied to a loan Braun gave Bieber when he ran into money problems after canceling his 2022 “Justice” tour.A source at the time explained, “He stepped in to help him.”
When Bieber called off his tour, it left him in a tough spot. He had already taken a $40 million advance from AEG, the company backing the tour, and when he canceled, they demanded $26 million back. That’s when Braun covered the $26 million debt for Bieber through Hybe.
Under their settlement, Bieber will repay the $26 million. He’ll also pay back half of an additional $11 million that Braun says he’s owed for unpaid commissions over the years.
This comes amid growing stories about Bieber’s money troubles. Despite having an estimated net worth of $300 million, he sold his music catalog in 2022 for $200 million. A TMZ Investigates special, What Happened to Justin Bieber?, claimed he sold it because he was nearly broke.
“Justin said, ‘I gotta sell it now.’ And he sold it in December. That’s how broke he was,” said TMZ’s Harvey Levin in the documentary.
This financial strain may also have affected his relationship with Braun. The two were very close for 15 years, but in June, Braun admitted things aren’t the same.
“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 said. “And I completely respect that. Myself and everyone from the old team is rooting for him.”
