On Friday, a Minnesota judge signed off on a deal that finalizes how the late Prince’s estate and assets would be distributed, Billboard reports. The agreement comes more than six years after Prince died without leaving a will. Prince’s assets—including music rights—will be split between his heirs, their advisors, and the management company Primary Wave.
When Prince died, his six half-siblings were named legal heirs. Three of them sold shares to Primary Wave, while three others retained their stakes and partnered with advisors L. Londell McMillan and Charles Spicer.
“Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management,” Primary Wave said in a statement to Billboard. “When we announced our acquisition of the additional expectancy interests in the estate last year bringing our ownership interest to 50%, our goal was to protect and grow Prince’s incomparable legacy. With the distribution of estate assets, we look forward to a strong and productive working relationship.”
“I represented Prince for over 13 years and we led with innovation to reform the music industry—we hope to do the same with his amazing assets and catalog, from his music, film content, exhibits, merchandise, Paisly Park events, branded products and more,” McMillan added. “It is a historical and very exciting time. Prince is almost free to rest now.”
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