The executives announced the worldwide publishing deal on Wednesday (02Nov16) after agreeing terms with members of the late music icon's family and his estate administrators.

Terms of the deal have not been disclosed, but according to the announcement, UMPG bosses will be responsible for "servicing and administering Prince’s expansive catalogue of songs" while working closely with Prince's estate to "develop new creative outlets for his music".

Before his death, Prince and his staff managed his publishing catalogue after a UMPG contract ended in 2013.

"We’re humbled to be entrusted with Prince’s catalogue and I’m grateful to my entire team for their work in making this agreement a reality," UMPG chairman and CEO Jody Gerson says. "With the timelessness and genius of Prince’s music, there are no limits to what we can achieve working with his estate. Prince’s popularity will only continue to grow around the world."