Universal Music Wins Bidding War To Manage Prince Catalog Just Ahead Of Streaming Launch
With multiple sources reporting that Prince's extensive catalog will become available on most streaming music services this weekend, Universal Music Group has won the much sought after right to manage his extensive catalog.
Universal Music Group has signed a a multi-year agreement with the Estate of Prince Rogers Nelson and NPG Records Inc that grants it the exclusive licensing rights to his NPG recordings, including a library of 25 albums and a trove of unreleased works. In addition, beginning next year UMG will obtain U.S. rights to some additional Prince albums released from 1979 to 1995.
With this agreement, UMG gains control of Prince's music publishing, merchandise along with much of his recorded music. UMG will also work with Prince's Estate and heirs to create "new products and experiences."
During a four-decade career, Prince sold more than 100 million albums worldwide, making him one of the most successful artists of all time. L. Londell McMillan, Chairman and CEO of The NorthStar Enterprises Worldwide, and Charles Koppelman, Chairman and CEO of CAK Entertainment Inc., represented Prince's estate in the deal.
"Prince was one of the greatest musical talents of all time – an incomparable genius as a performer, recording artist and songwriter, said Sir Lucian Grainge, Chairman and CEO of UMG in a statement. "It's an absolute honor to once again be selected by Prince's estate to be the home for publishing, merchandise and now for so much of his incredible body of recordings. UMG is committed to honoring Prince's legacy and vision by creating the highest quality products and experiences."
FULL PRESS RELEASE:
The Estate Of Prince Rogers Nelson Selects Universal Music Group To Manage Iconic Artist's Recordings
Deal Encompasses Prince's Grammy-Winning NPG Records, Hits from Earlier Catalogs and Vast Collection of Unreleased Works