April 01, 2006 05:55:41 GMT
Courtney Love sold a 25% stake in Nirvana’s sought-after back catalogue for more than $50m
Courtney Love has sold 25 per cent of her share of Nirvana's publishing catalogue for more than $50 million. The stake, which she inherited in 1994 after her late husband Kurt Cobain committed suicide, was sold to Larry Mestel of Primary Wave Music Publishing.
As for everybody to know, Love was given 98 per cent of Nirvana's publishing rights following Cobain's death, while his bandmates Dave Grohl and Krist Novoselic split the remaining two per cent. "I took a strategic partner, Larry Mestel, to help me co-manage the estate because it was overwhelming," Love said.
Also she added "The affairs of Nirvana are so massive and so huge, and they've all fallen on my lap. I own almost all of [the publishing] and it proved to be too much for me. I needed a partner to take Kurt Cobain's songs and bring them into the future and into the next generation. And this guy's the guy to do it."