The media mogul met with Prince's sister to discuss the deal, which will cost him quite a lot.
Jay Z has been making headlines recently with news that he's producing a Richard Pryor film and a docu-series on Kalief Browder. The rapper and media mogul has also teamed up with the Clinton campaign for an upcoming concert in Cleveland.
Now, Jay is looking to acquire Prince's music catalog.
According to TMZ, the media mogul met with the late music legend's sister Tyka and her husband Maurice. Jay allegedly flew the two out to NYC to discuss the deal and made an offer of $40 million, but Hov has some tough competition and the catalog is likely to cost him a pretty penny.
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With the amount of unreleased music and the tight grip he had on it before his passing, it's no surprise that Prince has one of the most sought-after catalogs. Before a deal can be made, Tyka has to get all of the late icon's other brothers and sisters to sign-off on it, along with approval from the trust managing the estate.
Sources say Jay is still in the running for streaming rights to the catalog, but there are major players looking to get their hands on it too.