Prince manager Kiran Sharma said in a statement: "We are pleased to announce that Prince and Universal have reached a mutual agreement in terminating their long standing publishing deal.
"It is an exciting opportunity for Prince to consider fresh and new ideas for all his music."
UMPG and Prince renewed their long-term worldwide deal in 2005. The agreement covered administration of Prince's numerous future works and his complete back catalogue of more than 35 albums and compilations including multi-platinum albums Musicology, 1999, Sign O' The Times, Diamonds and Pearls, Parade, Around the World in a Day, Emancipation, Purple Rain, and Batman - The Motion Picture Soundtrack.
David Renzer, then-chairman & CEO, Universal Music Publishing Group said at the time: "Not only is Prince a legend, but he remains a world-class musician, considered by many to be the most prolific hit-maker of our generation as well as one of the best live artists. The fact that he is re-signing to Universal Music Publishing Group speaks to the dedication and commitment we can show to a world-class high caliber artist like Prince. We are thrilled to have concluded this deal and consider it a privilege to continue our long-term relationship with him."