Prince's estate has granted Universal Music Group the exclusive rights to a vault of unreleased works.
The French-American music giant, a subsidiary of conglomerate Vivendi, has closed a lucrative deal with administrators of the Bremer Trust, which was formed after the performer's death last April (16) to represent his estate.
In the deal, UMG has been granted exclusive licensing rights to Prince's albums made under his label NPG Records, including Emancipation, Musicology and 3121, as well as a prized collection of works from throughout his career, including outtakes, demos and live recordings.
In addition, beginning next year (18) UMG will obtain U.S. rights to certain renowned Prince albums released from 1979 to 1995.
"Prince was one of the greatest musical talents of all time - an incomparable genius as a performer, recording artist and songwriter," said UMG's chairman and chief executive Lucian Grainge in a statement on Wednesday (09Feb17), adding the company was honoured to be selected by the Purple Rain singer's estate to be the home for his music, as well as his publishing and merchandise. "UMG is committed to honouring Prince's legacy and vision by creating the highest quality products and experiences."
During a four-decade career, Prince, born Prince Rogers Nelson, sold more than 100 million albums worldwide, making him one of the most successful artists of all time.
Prince was inducted into the Rock and Roll Hall of Fame in 2004, his first year of eligibility. His earlier works are licensed by Warner Music.