Home Music Business Universal Music Wants to Axe $30 Million Prince Deal

Universal Music Wants to Axe $30 Million Prince Deal

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Universal Wants to Cancel $30 Million Prince Deal

For several weeks rumors around conflict between Universal Music and Prince’s estate have spread. It was said that Universal was unhappy with how fast they could release music from Prince’s catalog. Now it is being reported that the music giant is demanding the $30 million deal with Prince’s estate be cancelled, and the money returned.

In court documents filed on behalf of the Estate it was revealed that the company looked to axe the deal because of issues related to the speed of release. No one from either camp has commented on the situation.

According to HypeBot:

The Prince Estate allegedly promised UMG the rights in 2018 to re-release many of his most popular albums from 1979-1996, when he was signed to Warner Music Group. But the rights to at least some recordings covered by Prince’s original contract with WMG do not expire until 2021, sources tell Billboard.

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The parties involved in the Prince Estate have changed since the Universal deal and now includes an executive from Spotify, Troy Carter.

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