May 31, 2017
Prince fans everywhere are wondering about the fate of his music, now that Universal Music Group wants to rescind their $31M deal with Prince’s estate, with a return of the money they paid.
According to reports, UMG noticed a few inconsistencies with the initial agreement they made with Prince’s estate back in February of this year. They are accusing Prince’s former estate entertainment advisor, L. Londell McMillan of “fraudulent inducement in connection with the deal.”
Warner Bros still has rights to certain “renowned albums” released by Prince during 1979- 1996. UMG was told that they’d be granted rights to these albums as early as 2018. However, Warner Bros has rights until 2021. The timeline simply doesn’t add up.
McMillan denied any misrepresentation, but contracts don’t lie. We will all just have to sit back and see who gains rights to the legend’s music.
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