A vault of unreleased music from late pop icon Prince is reportedly being shopped around for a fee of £29m, sparking a bidding war among the three major labels.
Warner, Universal and Sony are all in talks with Prince’s estate advisors Charles Koppelman and L. Londell McMillan for the rights to the unreleased material, sources close to the situation have told Billboard.
The vault of unreleased music is said to contain thousands of hours worth of material spanning over 40 years. Exactly how much music will be included in the sale is yet to be confirmed.
Furthermore, any potential sale is likely to be complicated by the fact that Prince was under contract with Warner Bros for the best part of two decades, yet also struck several short-term deals with each of the other major label groups
Sources have also said that a deluxe edition of Purple Rain, announced as part of Prince’s contract with Warner Bros. that has yet to be released is likely to get a release date within the next few months. A new Prince greatest hits compilation is also due for release before the end of the year.
The Prince estate has so far declined to comment on the matter.