The American music publisher Primary Wave has secured a stake in Prince's estate.
After the company acquired stakes in three heirs of the artist, who died in April 2016 at the age of 57, the Wall Street Journal says its stake totals 42 percent, making it the largest single shareholder.
The publisher, founded in 2006 by Lawrence Mestel and supported by Blackrock, among others, will participate in the future income from the marketing of the recordings and compositions by Prince, but also in those generated through trademark rights or Paisley Park - once the artist's home and studio .
The album "Welcome 2 America", recorded in 2010 but never released during Prince's lifetime, was only released at the end of July.
Estate still under management
Benjamin Fischer
Editor in business.
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After the death of the artist, who left no will, there had been a number of disputes over how to deal with his legacy.
In 2017, a Minnesota court eventually named six heirs.
Mestel told the Wall Street Journal that Primary wanted to work with the heirs to market the legacy so that Prince would be proud.
However, until outstanding tax issues have been resolved, the estate will remain in the administration of Comerica Bank & Trust.
Primary Wave is one of various actors who have recently bought up author rights from prominent artists. In addition to music companies, the field is also increasingly of interest to financial investors. Buyers are betting on increasing the income from the catalogs through further growth in the streaming area and the placement of works in series, advertising or other channels and thus having a secure investment. For example, Primary Wave is said to have spent around $ 100 million on 80 percent of the authoring rights of Fleetwood Mac front woman Stevie Nicks. The publisher also holds shares in the catalogs of Bob Marley and Whitney Houston.