Prince's estate has signed an exclusive deal with Universal Music Group for an undisclosed sum that will allow the company to take charge of the late singer's massive catalog.
"Not only is Prince a legend, but he remains a world-class musician, considered by many to be the most prolific hit-maker of our generation as well as one of the best live artists," the company said in a statement.
Jody Gerson, Chairman and CEO of Universal Music Publishing Group, added:
"We’re humbled to be entrusted with Prince’s catalog and I’m grateful to my entire team for their work in making this agreement a reality. UMPG is a premiere destination for songwriters because of the meticulous care, focus and passion we bring to creating opportunities for our artists and their body of work. With the timelessness and genius of Prince’s music, there are no limits to what we can achieve working with his estate. Prince’s popularity will only continue to grow around the world."
While a publishing deal has been locked down, Billboard notes that negotiations for licensing rights are still underway.
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However, Prince's former label, Warner Music Group, has secured the rights to a greatest hits collection and a 2017 reissue of the Purple Rain soundtrack.