Prince estate rejects Jay Z’s $40 million offer for Prince’s unreleased music

Money ain’t a thing to Jay Z — which is probably why he’s willing to break the bank to acquire Prince’s unreleased music.

The hip-hop mogul offered approximately $40 million for the rights to the never-before-heard tunes that were discovered at Prince’s famed Paisley Park home and recording studio after his April death.

Jay Z reportedly jetted the Purple One’s sister Tyka — Prince’s only full sibling — and her husband to New York a few weeks ago to discuss the prospects of purchasing the highly sought after music. Tyka, however, doesn’t have full say. She’d have to get the approval of Prince’s half-brothers and sisters, as well as the trust that is currently running the musician’s lofty estate, before she can turn over the rights to the music to someone else.

TMZ reported that the $40 million offer Jay Z made Prince’s siblings for the icon’s unreleased music has been squashed. The site’s sources say Prince’s estate sent a letter to Hov in October “saying it had no interest in signing a deal for ‘Roc Nation to exploit any of the intellectual property assets of the Estate.'” TMZ also says the estate is unhappy about 15 Prince albums up for streaming on Tidal, writing that “those releases were unauthorized according to the estate.”

Prince estate adviser L. Londell McMillan tells Billboard he has “no knowledge of any discussions in that report,” adding that there’s no current sale on the table for the legend’s music. Last week Billboard heard from McMillan that “the estate is considering offers, including bids from all three major labels, to license—not purchase—Prince’s catalog and unreleased material.”

Categories:   Gossip