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Prince Estate's $31 Million Deal With Universal Rescinded

Law360, New York (July 14, 2017, 7:59 PM EDT) -- A Minnesota court on Thursday rescinded parts of Universal Music Group’s reportedly $31 million agreement with Prince’s estate after Warner Bros. Records Inc. claimed to already hold certain overlapping distribution rights to the deceased artist’s music.

Following a June hearing, Judge Kevin W. Eide adopted a rescission agreement proposed by Comerica Bank & Trust NA, the current administrator of the estate of Prince Rogers Nelson, recognizing that it could not ensure exclusive distribution and licensing rights to Prince’s music and refunding UMG’s advance payment. According to...
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