Image credit: Allen Beaulieu via The New Yorker
New York publishing company Primary Wave now has a controlling stake in the rights to the late artists intellectual property as three of Princes siblings cash out.
Prince’s music is now under the control of the New York based independent music publisher and talent management company Primary Wave, as three of his siblings sell their inheritance. The intellectual property sold includes Prince’s name and likeness, royalties from his masters, publishing rights, as well s his renowned Paisley Park Studios. However, the three eldest siblings have maintained their inheritance and have said they have no plans to sell their stakes in the rights to the singer’s estate, saying that “We’ll never sell out. We know the prize.”
The amount paid for the publishing rights and intellectual property by Primary Wave is yet to be disclosed.
Although a relatively new name in regards to a company snapping up publishing rights they do own music catalogs of Nirvana and Ray Charles. It is no doubt they will be trying to cash in on the current publishing rights gold rush, especially after Hipgnosis announced profits after their purchases.
Speaking about the acquisition, L. Londell McMillan, the lawyer that represents the three eldest siblings said: “All future decisions of the Prince Estate will be determined and need the approval and direction of our group, family, and friends of Prince who actually worked with him.” Adding: “We will work with Primary Wave and any other party that holds interest in the estate.”