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Judge Grants Nullification of Universal's Prince Estate Contract

07-15-2017
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Prince

(Radio.com) When Universal Music Group paid $31 million for the rights to Prince's catalog, the company believed it was getting a large swath of his biggest hits. After the deal was done, Universal discovered that some of the material it paid to obtain rights for (Purple Rain and anything released before 1996) was still under contract at Warner Brothers.

It was believed that contract expired next year: WB actually holds the rights until 2021. The multimillion dollar plan to capitalize on Prince's portfolio was not what it seemed for UMG.

After UMG filed a suit against the Prince estate to void the contract, a judge determined that much of the agreement should be nullified. Since then, a "large portion" of the contract has been "rescinded," as described in the court documents. Read more here.

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Copyright Radio.com/CBS Local - Excerpted here with permission.

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