According to a new report, the three youngest of Prince’s six siblings sold their inheritance rights to New York music publisher and talent management company Primary Wave. The property sold includes Prince’s likeness, name, royalties from his masters and full publishing rights. The deal also includes Paisley Park Studios. Primary Wave currently holds the rights of Nirvana and Ray Charles’ music.
Due to the accidental nature of Prince’s death and lack of a will, the distribution of his wealth has been a complicated affair. Prince’s oldest three siblings said they have no plans to sell their portion of the rights to the artist’s estate.
“We’ll never sell out. We know the prize,” said Prince’s older sister Sharon Nelson to the Star Tribune, adding that the younger siblings, “didn’t have the patience to wait.”
“There’s not much anyone can do about family members who sell out for the dollar. That’s their right,” said New York lawyer L. Londell McMillan, who represents Prince’s three oldest siblings in a statement.
Mcmillan has stated his clients’ intention to do “things the way Prince did”.
This transfer of intellectual property marks yet another changing of the guard; earlier this year Neil Young sold 50% of his publishing rights much like Bob Dylan who sold his entire songwriting catalog to Universal Music at the end of 2020.
Prince’s album Welcome 2 America which was recorded in 2010 was finally released on Friday, July 30.
Listen to Welcome 2 America here.