Primary Wave Music confirmed on 7/30 that it had acquired additional interests in the Prince estate, making it the largest stakeholder in the estate. The company has also picked up an interest in the legendary artist’s released recordings and all unreleased music potentially awaiting development in the vault at Paisley Park.
Now, through the purchases of the so-called expectancy interests in the estate from two of Prince’s six heirs, Omarr Baker and the late Alfred Jackson, along with that already acquired from sister Tyka Nelson, Primary Wave is lined up to own about 42% and speak for 50% of the estate, according to The Wall Street Journal, which picked up on a story developed in the Minneapolis Star Tribune. Half-siblings Sharon, Norrine and John Nelson hold most of the remaining half.
Assets of the estate include stakes in Prince’s master-royalty income stream, writer’s share, name and likeness and Paisley Park, which is now a museum, studio and concert venue. The financial terms of Primary Wave’s deals with Prince’s heirs weren’t disclosed.
CEO Larry Mestel told WSJ that Primary Wave intends to work closely with Tyka Nelson and the remaining heirs to “tastefully and organically put large opportunities in place that Prince would feel proud of,” adding, “There’s a lot more camaraderie with the constituents now.”
