Universal Tries to Back Out of $30 Million Deal with Prince Estate

Universal Studios is trying to take back a pricey deal they recently made with the Prince Estate, after concerns arose that the estimated value was lower than expected. While the value of all his assets wasn’t officially disclosed, speculation says the value was around the ballpark of $30 million.

Earlier this year Universal announced they’d be taking over the licensing rights of Prince’s work including his “private archive,” and 25 albums he released through his own label NPG Records. However, after a short two and a half months later, the WSJ reported that the estimate may have been overshot and now Universal is thinking about asking for their money back.

If they’re successful in nullifying the contract, Comerica, the company who carried out the deal, will have to resell all of Prince’s assets in an auction.

While Prince’s music may appear priceless to all of us, they’re actually losing value at a rapid speed since the most popular ones are either 25 years old or over.

“Every day these assets aren’t being exploited, that’s lost money that you’ll never get back,” one source says. “And the longer they’re tied up, the more you lose.”

Prior to his passing, fans were unable to find his music on any streaming service, even YouTube, except for Tidal, which led to a slight decrease in value. It wasn’t til after his death that his music became more widely available online. While the situation may seem a little sticky at the moment, those involved say they’re definitely trying to resolve the issue ASAP.

The folks over at Universal aren’t the only ones who wanted to take claim to the rights of Prince’s Music, however, since Jay Z offered $40 million last year to purchase all of Prince’s unrealeased music. However, that deal turned sour in an unexpected turn of events after the Estate turned around and sued Jay Z over music streaming rights.

The Paisely Park Estate recently hosted a four day long celebration, and featured artists like Revolution, 3rdEyeGirl, and New Power Generation.

McKenzie Dillon: University of Nevada, Reno Alumna. I graduated with a major in writing and a minor in journalism. I enjoy reading, writing, and listening to music of course. I was raised in the bay area, and am thrilled to be living back in California. Catch me at your local music festival, because there's nothing better than laying back in the grass and listening to your favorite bands or discovering new ones.
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