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Friday, July 14, 2017

JUDGE VOIDS
UMG-PRINCE DEAL

The UMG-Prince deal announced in February has been voided, and the label’s $31m payout will be returned, as a Minnesota Judge has approved a rescission request by the label group and Comerica Bank.

The fate of the commission earned by former advisors to the Prince estate L. Londell McMillan and Charlie Koppelman remains undetermined. Judge Kevin Eide, despite admitting trepidation about voiding the deal, noted that a protracted and costly legal battle was an even less appetizing alternative.

Though the Estate may now court other buyers, the tangle of obligations and prior deals that doomed the UMG pact will almost certainly create similar roadblocks elsewhere.

The following is a joint statement from UMG and the Estate of Prince Rogers Nelson:

"Universal Music Group and the Estate of Prince Rogers Nelson welcome the court's approval of our amicable resolution to this matter. We look forward to continuing to work closely together on Prince's music publishing and merchandise to ensure that we deliver the very best experiences to Prince’s fans around the world."

 
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