Music Publisher Now Owns Half Of Prince’s Estate
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Members of Prince’s Estate have sold off the rights to his catalog to New York independent music publisher Primary Wave, which already owns the catalogs of Ray Charles and Nirvana.
According to the “Minneapolis Star Tribune,” three of Prince’s six siblings sold off their rights to his music. The company had already purchased 90% of Tyka Nelson’s estate, and 100% of the lte Alfred Jackson’s estate, and they've now bought 100% of the late singer’s youngest sibling, Omarr Baker’s, interest.
"There's not much anyone can do about family members who sell out for the dollar," New York lawyer L. Londell McMillan, who represents Prince's three oldest siblings, shares. “That's their right.” The three oldest siblings still retain their shares in the estate.
But all issues with Prince’s estate aren’t over. They still owe the IRS a significant tax bill after the IRS claimed Comerica Bank & Trust, the administrators of the estate, undervalued its worth.
Source: Minneapolis Star Tribune
