Prince has taken ownership of the master recordings of his biggest hits after reaching a deal with Warner Bros Records.

The financial terms of the agreement were not disclosed, but the announcement - which covers every Prince album released from 1978 into the nineties - means the artist now owns both master and publishing rights to his most popular material.

However, Prince's long-term relationship with Warner Bros will continue through an exclusive global licensing partnership.

The news comes a year-and-a-half ...