The estate reportedly turns down Jay-Z's $40 million bid over Prince's private music catalog
The dispute between Jay-Z and the late "Purple Rain" singer Prince's family over the illegal streaming rights is getting frustrating. Recently, TMZ reported that Prince's estate rejected the bid, firing off a letter confirming that the estate had no interest in signing a deal for "Roc Nation to exploit any of the intellectual property assets of the Estate."
Though the legend's sibling Tyka and her husband Maurice Phillips were interested, they did not have the rights for such a deal. Instead of having the privilege over the legend's private collection, Hov lost the battle against the Universal Music Publishing Group which has now become the exclusive administrator of Prince's entire catalog.
The bad news is not over yet. TMZ reported that the estate is calling out the streaming service Tidal for an unauthorized release over 15 Prince albums following his death. The estate, however, acknowledges the deal between Jay-Z and Prince for the 2015 release of his last album "HITNRUN (Phase One)", but the state claims it has not found any proof of a $750k payment to close the deal.