The managing estate of His Royal Badness, The Purple One, Prince, has sold a controlling stake in the late artist’s rights and intellectual property.
According to the Minneapolis Star Tribune, the three youngest members of Prince’s six siblings have sold their stake in his estate to Primary Wave a New York-based independent music publishing company.
Primary Wave has purchased the intellectual property of Prince allowing them to use Prince’s name, likeness, publishing rights and royalties from his masters.
Currently, Prince’s eldest three siblings have retained their ownership and have announced that they have no plans to sell their stake.
His sister Sharon told the Star Tribune: “We’ll never sell out. We know the prize. [Tyka and Omarr] didn’t have the patience to wait.”
When Price died in 2016, he had no will, legal children or partner and, as such, sorting out his estate has been more complex than most.
As per the Wall Street Journal, Primary Wave has now announced: “No matter what, we are going to fight to preserve the legacy of Prince. We would like to bring the purple back and actually do things the way Prince did.”
Adding: “All future decisions of the Prince Estate will be determined and need the approval and direction of our group, family, and friends of Prince who actually worked with him. We will work with Primary Wave and any other party that holds interest in the estate.”