(Radio.com) Lawyers for Universal Music Group say the company was misled when it struck a deal with Prince's estate for music rights. A new suit alleges some of the music UMG paid for is under contract with Warner Music Group, a competitor--casting a shadow of doubt over the $31 million price tag.
The label claims Prince's estate withheld critical information from the negotiating table, reports Variety. When the deal was announced in February, UMG boasted about its new access to Prince's Warner Brothers-era records like Purple Rain and 1999. Four and a half months later, it appears the deal was too good to be true.
Though Prince reportedly regained control of some of his WB catalog, certain key pieces still fall under the old label's control. "Our thorough review has only confirmed that rescission is necessary because of the material misrepresentations and nondisclosures made by the Estate's prior representatives to induce UMG to enter a deal that was immediately contested by [Warner]," read a UMG statement. Read more here.
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