The firm bought out most of the stake owned by Prince's siblings.
Music publishing powerhouse Primary Wave has quietly acquired a large stake in Prince's estate.
Last month, the publishing and management firm bought out 100 percent interest from Omarr Baker, Prince's youngest brother. The purchase arrived after Primary Wave previously made similar deals with Prince's sister Tyka Nelson and Prince's late half-brother Alfred Jackson.
With these deals, Primary Wave now owns a stake in royalties from Prince's masters in addition to his earnings as a songwriter, his name and likeness, along with his Paisley Park property. With a controlling interest of 42%, Primary Wave becomes the largest single-interest holder in the late icon's estate.
The remaining interest is split between the three oldest siblings of Prince's six siblings: Sharon, Norrine, and John.
"All we have to do is pay the IRS and pay the Minnesota taxes," said Sharon Nelson. "I don't see any problem."
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The addition of Prince's catalog now joins a hefty repertory of legacy catalogs under the Primary Wave umbrella. Notably, the firm also controls shares in estates of other late legends such as Ray Charles, Whitney Houston, and Bob Marley.
“Prince is in the highest echelon of artists. It’s very hard to imagine an artist more interesting to Primary Wave than Prince,” said Primary Wave CEO Larry Mestel.
Prince's estate still remains in probate as none of the heirs have received any distribution of assets. Administered through Comerica Bank & Trust, the probate is expected to come to an end as early as the end of the year.