Tuesday, April 25, 2017
On April 14, the Wall Street Journal reported that Universal Music Group has won the licensing rights to late pop/rock star Prince's music in the "vault" he apparently kept on his property. The price tag was $30 million. Now, however, Warner Music Group, the singer's first record label, claims that it has conflicting rights in the material.
That turn of events is hardly surprising, but what is is the fact that Universal "hadn't seen a copy of Prince's 2014 contract with Warner, so it asked [a relevant party] to clarify the details afters signing the deal and running into roadblocks as it tried to move forward."
Of course, legal disputes also arose as Prince did not leave a will, thus ceding his entire estate to his sister and five half-siblings.
Textbook lessons of what NOT to do in the contracts and wills and estates areas of the law.