Primary Wave has acquired 42% of Prince’s estate, making the publishing company the largest individual share holder of the late artist’s holdings. The deal gives Primary Wave rights to Prince’s publishing, master recording income stream, name, likeness and brand.

“Prince is in the highest echelon of artists. It’s very hard to imagine an artist more interesting to Primary Wave than Prince. I would put Prince, Bob Marley, Stevie Nicks, Whitney Houston and Frankie Valli and the Four Seasons among our top artists,” Primary Wave CEO Larry Mestel tells Billboard. “When you throw in Smokey Robinson and all the others, we think we have a very impressive family of artists.”

New York-based Primary Wave has been acquiring expectancy interests in the Prince estate piecemeal for the last 17 months from three of his six heirs. However, the situation is complicated because the estate remains in probate administered through Comerica Bank & Trust and none of the heirs have received any distribution of assets. Sources say the probate issues could be resolved as early as the end of the year.

According to documents filed July 20 in Minnesota’s Carver County district court, in March 2020 “the protocols” surrounding the estate were amended after Primary Wave purchased a portion of Prince sibling Tyka Nelson’s expectancy interest. Subsequently, an April 2021 order confirmed Primary Wave’s acquisition of 100% of the expectancy interest of Nelson’s late half brother, Alfred Jackson, and on July 2, the company finalized acquisition of 100% of half brother Omarr Baker’s expectancy interest.

“As a result of its acquisition of 100% of Alfred Jackson and Omarr Baker’s expectancy interests in the Estate, and a portion of Tyka Nelson’s expectancy interest in the Estate, Primary Wave now hold the largest single expectancy interest in the Estate,” according to the court papers. Mestel declined to disclose financial details.

Though the court filing does not break down percentages, Primary Wave now has ownership of 42% of the estate, but controls 50%, according to the Wall Street Journal, which broke the news Friday (July 30). Three other Prince half siblings — Sharon Nelson, Norrine Nelson and John Nelson — control almost all of the remaining portion, with advisers Charles Spicer and L. Londell McMillan holding small portions, according to the Wall Street Journal.

Mestel declined to comment on the subject, but sources say Primary Wave is not in conversation with the other heirs to buy any of their interests.

McMillan, who was not immediately reachable by Billboard, told the Wall Street Journal that the Nelson siblings he represents were eager to work with Primary Wave. “No matter what, we are going to fight to preserve the legacy of Prince,” he said. “We would like to bring the purple back and actually do things the way Prince did.”

Prince’s probate case has been an exceptionally complicated one with more than 2,711 court filings, including motions, affidavits, memos and dispositions. Prince died April 21, 2016, with no will. Minnesota probate courts determined his assets would be divided between his six surviving siblings. Comerica was appointed as personal representative in February 2017 and the estate has been mired in controversy ever since.

Earlier this year, the Internal Revenue Service slapped the estate with a bill for $32.4 million in federal taxes after it valued Prince’s estate at $163.2 million, according to the Minneapolis Star-Tribune that was $80 million more than Comerica’s $82.3 million valuation. The estate will remain in probate until the tax issue can be resolved, however, the Wall Street Journal says that the IRS and estate are making progress, including reaching an agreement on the value of Prince’s real estate assets.

The probate status prohibits Primary Wave from taking any action for now or even talking about upcoming plans, but Mestel is confident about the future. “We have a very good working relationship with the rest of the heirs and [Comerica],” he says. “Right now, the estate is totally in the hands of the personal representative until it comes out of probate.”

After Prince’s death, some plans have been put into effect through Comerica and previous administrator Bessemer Trust, including an 2016 administration deal with Universal Music Publishing Group that remains in place, as does a partnership between the estate and Sony’s Legacy Recordings to issue physical titles from his catalog. Furthermore, on Friday Prince’s NPG Records put out Welcome 2 America, a previously unreleased album recorded by the musician and his band in 2010.

Additional reporting by Chris Eggertsen.

The Guccis have arrived in style in MGM’s first trailer for the upcoming film House of Gucci.

The true-crime drama centers on the murder of fashion trailblazer Maurizio Gucci (Adam Driver), orchestrated by his wife at the time, Patrizia Reggiani (Lady Gaga).

“It was a name that sounded so sweet, so seductive, synonymous with worth, style, power, but that name was a curse, too,” Gaga’s Reggiani says in a voiceover opening the trailer that gives a glimpse into the lives of the Italian fashion family.

Reggiani, then Maurizio’s wife, was convicted of orchestrating Guccio Gucci’s grandson’s death after he had an affair. She spent 18 years in prison, where she became known as the “Black Widow.” She was released in 2016.

The Ridley Scott drama is based on the 2001 book, The House of Gucci: A Sensational Story of Murder, Madness, Glamour, and Greed, written by Sara Gay Forden, which used the murder to delve into the complex history of the famous family, complete with infighting, corporate intrigue and plenty of money.

“This project has long been a labor of love for both Ridley and me,” said Giannina Scott, who will produce the film alongside her husband under their Scott Free banner. “The story is so epic, the stakes so high and the characters so richly drawn.”

MGM’s film chairman Michael De Luca expressed his excitement in a statement to have been a part of the studio bringing the project to life. “Nothing typifies bold, audacious originality more than a film by Ridley Scott.”

Jared Leto, Jeremy Irons and Salma Hayek round out the cast.

House of Gucci will be released to theaters on Nov. 24.

Watch the full trailer below.

This article was originally published by The Hollywood Reporter.

Record Store Day 2021’s second drop (on July 17) fueled 1.140 million in vinyl album sales in the U.S. in the week ending July 22, according to MRC Data (up 74.5% compared to the previous week: 653,000). It’s the eighth time vinyl album sales have exceeded 1 million copies in a single week since MRC Data began electronically tracking sales in 1991, and all of the million-selling weeks have happened since 2019.

The disco-tastic Hail Satin by Dee Gees, aka Foo Fighters, was the top-selling Record Store Day album release of the week, with 12,000 vinyl LPs sold (plus another 3,000 in downloads following its wide digital release on July 19). The first five tracks on the 10-song album are covers of Bee Gees-penned songs, including four Billboard Hot 100 No. 1 hits: Bee Gees’ “You Should Be Dancing,” “Night Fever” and “Tragedy,” and Andy Gibb’s “Shadow Dancing.” The second five songs on the Hail Satin project are live versions of tracks from Foo Fighters’ most recent studio album, Medicine at Midnight.

Record Store Day, the annual indie music retailer celebration, was staged over two days in 2021 — June 12 and July 17 — owing to complications caused by the ongoing COVID-19 pandemic. Traditionally, Record Store Day is held on one Saturday in the springtime. In 2019, it was held on April 13. In 2020, Record Store Day was meant to be held on April 18 but was split into three separate drops: Aug. 26, Sept. 26 and Oct. 24.

Among the albums initially released for Record Store Day 2021’s second drop, aside from Hail Satin, were the vinyl release of Crosby, Stills, Nash & Young’s Deja Vu: Alternates (alternative versions of songs from the group’s 1970 Billboard 200 No. 1 album Deja Vu), a clear vinyl pressing of Beastie Boys’ 1995 rock album Aglio e Olio, and the vinyl debut of Amy Winehouse’s Remixes (on double LP – one blue, one yellow).

Meanwhile, Pearl Jam issued its classic single “Alive” on both 12-inch vinyl and cassette, along with rare B-sides, and was the top-selling RSD single release of the week. “Alive” was the band’s first single to chart on a Billboard tally, debuting on the Mainstream Rock Airplay chart dated Jan. 4, 1992. It would peak at No. 16 on that chart, and also at No. 18 on Alternative Airplay.

Here are some facts on Record Store Day 2021’s second drop and its impact, plus a look at the top-selling Record Store Day-exclusive albums and singles (all data is for the week ending July 22, 2021, in the U.S.):

Total album sales across all formats (physical [including CD, vinyl, cassettes, etc.] and digital downloads): 2.316 million – up 32.1% compared to previous week (1.753 million)

Physical album sales (CD, vinyl, cassette, etc.): 1.842 million – up 40.3% compared to previous week (1.313 million)

CD album sales: 692,000 – up 6.2% compared to previous week (652,000)

Vinyl album sales: 1.140 million – up 74.5% compared to previous week (653,000). It’s only the eighth week that vinyl album sales have exceeded 1 million since MRC Data began electronically tracking sales in 1991. It’s also the second-largest vinyl sales week of 2021, trailing only the week ending June 17, which included Record Store Day 2021’s first drop (1.279 million).

49% of all albums sold in the U.S. in the week ending July 22 were vinyl albums: 1.140 million of 2.315 million

62% of all physical albums sold in the U.S. in the week ending July 22 were vinyl: 1.140 million of 1.842 million

Independent store album sales: 1.014 million – up 100.4% compared to previous week (506,000)

Independent store CD album sales: 202,000 – up 20.3% compared to previous week (168,000)

Independent store vinyl album sales: 811,000 – up 140.5% compared to previous week (337,000)

71% of all vinyl albums sold in the U.S. in the week ending July 22 were sold via independent record stores: 811,000 of 1.140 million

Top Record Store Day exclusive albums at independent record stores:

Rank, Artist, Title
1. Dee Gees / Foo Fighters, Hail Satin
2. Crosby, Stills, Nash & Young, Deja Vu: Alternates
3. Beastie Boys, Aglio e Olio
4. Amy Winehouse, Remixes
5. Miles Davis, Champions: Rare Miles From the Complete Jack Johnson Sessions
6. Cat Stevens, Harold & Maude: The Songs From the Original Movie (Soundtrack)
7. The Rolling Stones, Hot Rocks 1964-1971
8. Allman Brothers Band, The Final Note: Painters Mill Music Fair, Owings Mills, MD 10-17-71
9. John Prine, Live: At the Other End, Dec. 1975
10. The Ramones, Triple J Live at the Wireless: Capital Theatre, Sydney, Australia, July 8, 1980
11. The Cure, Wild Mood Swings
12. Aretha Franklin, Oh Me Oh My: Aretha Live in Philly, 1972
13. Czarface, Czar Noir
14. Sisters of Mercy, BBC Sessions 1982-1984
15. Cro-Mags, The Age of Quarrel
16. The Clash, If Music Could Talk
17. Bill Evans, Behind the Dikes: The 1969 Netherlands Recordings
18. Lamb of God, As the Palaces Burn
19. Queen + Adam Lambert, Live Around the World EP
20. Fear, The Record
21. Donna Summer, Bad Girls
22. Daryl Hall John Oates, Voices
23. John Prine, Stay Independent: The Oh Boy Years
24. Dr. John, The Sun, Moon and Herbs
25. Ultravox, Vienna

Top Record Store Day Exclusive Singles at Independent Record Stores
Rank, Artist, Title
1. Pearl Jam, Alive
2. Fleet Foxes featuring Resistance Revival Chorus, Can I Believe You / Wading in Waist-High Water
3. St. Vincent, Piggy / Sad But True
4. Bob Dylan, Jokerman / I and I (Remixes)
5. Karen O & Willie Nelson, Under Pressure
6. Dio, God Hates Heavy Metal
7. Denzel Curry & Robert Glasper, So Incredible / This Changes Everything (Live from Leimert Park)
8. ‘Weird Al’ Yankovic, Beat on the Brat
9. Jxdn, Angels & Demons / Drivers License
10. The Dirty Knobs, Humdinger / Feelin’ High

Source: MRC Data, for the week ending July 22, 2021

Reservoir Media shares slipped 4.9% on Thursday (July 29), the publishing music rights company’s first day of trading on the Nasdaq stock exchange, opening at $9.49 and closing at $9.03.

Reservoir’s public listing follows a merger with Roth CH Acquisition II Co, a special purpose acquisition company that raised $115 million in an initial public offering and a private placement in December 2020. The companies’ combination was approved by the SPAC’s shareholders on Tuesday and values RSVR at $788 million.

Roth CH Acquisition II shares had a $10 IPO price and briefly exceeded $11 in February. Since then, investors have showed less enthusiasm and with few exceptions have traded below $10 since mid-May.

Reservoir, which had revenue estimated at $64 million for its fiscal year ended March 31, is now the fourth publicly traded company that focuses on music rights acquisitions — Hipgnosis Songs Royalty Fund, Round Hill Music Royalty Fund and One Media iP Group are listed on the London Stock Exchange. It is the first to trade in the U.S. and the first led by a female, CEO and founder Golnar Khosrowshahi.

“This entry into the public markets is a testament to the growth and bright future that lies ahead within the industry,” Khosrowshahi said in a statement Thursday. “As we focus on our growth, our listing on Nasdaq provides us the resources to execute on our penetration into emerging markets and continue rapidly with our strategic acquisitions.”

Reservoir’s songwriting catalog, which receives 62% of net publisher share from songs released since 2000, includes shares of DaBaby’s “Rockstar,” Childish Gambino’s “This is America” and Black Eyed Peas’ “I Gotta Feeling.” Among its older classics are Johnny Cash’s “Ring of Fire,” and Madonna’s “Papa Don’t Preach.” Reservoir also owns over 26,000 sound recording copyrights from such artists as The Isley Brothers, Sinead O’Connor and Naked Eyes.