The new deal, which expands an existing agreement with Lloyd Webber, covers "global recording and publishing agreements for Lloyd Webber's Really Useful Group," Reuters reports.
As previously announced, Universal's Polydor Records will release the original cast recording of Lloyd Webber's Phantom sequel, Lover Never Dies, in March. The musical is currently in previews in London.
The publishing division of Universal will offer Lloyd Webber's catalogue for use in a variety of media, including TV, film and advertising.
In a statement the composer of Evita, Cats and Jesus Christ Superstar said, "I am delighted to have renewed my partnership with Universal Music. They have been wonderful custodians of my music for over three decades, and it is a relationship that I and my colleagues at RUG value most highly."