The music, name and likeness of Notorious B.I.G. could soon have a new home as the late rapper’s estate is close to signing a deal with Primary Wave, THR is reporting.
According to multiple sources, publishing rights to the Brooklyn legend’s catalog of work are on the table for $100 million, as are master rights for a slightly higher price (another $30 to $50 million, an insider shares). Both include publicity rights which cover an individual’s name (Christopher Wallace was B.I.G.’s legal name but he also went by Biggie Smalls and, colloquially, Biggie), image, voice and other identifiable characteristics like key verses in lyrics. Master rights include the actual recorded works, as opposed to the compositions (or songwriting) covered under the publishing umbrella.
The deal is said to encompass 50 percent of both publishing and master rights, with the right of publicity included. While the transaction price is unclear (a source suggests it will be in the eight figures, not nine), the deal is on its way to close, likely in the next couple of weeks, after which Biggie will join an already impressive roster of legends at Primary Wave, including Bob Marley, Whitney Houston, Stevie Nicks and Luther Vandross, whose Sony Music Vision-produced documentary Luther: Never Too Much recently picked up two NAACP Image Awards including for best documentary.
Representing the estate of Notorious B.I.G., who was shot to death in 1997, are Mark Pitts and Wayne Barrow. The two co-founders of ByStorm Entertainment first became familiar with the future icon at Bad Boy Records, where Pitts had interned for Sean “Puff Daddy” Combs. Key figures on the Primary Wave end of the deal include founder Larry Mestel and partner Steve Greener, whose bona fides include having managed Bernie Mac and Fantasia, and securing the Vandross deal.
Voletta Wallace, Biggie’s mom, died a week ago, which makes the timing of this transaction somewhat curious.
Reps for Primary Wave and the Notorious B.I.G. estate could not be reached for comment.
Primary Wave was launched in 2006 by veteran music executive Mestel as an independent music publishing and talent management company. It has made strategic partnerships with heritage artists a core of its business as the catalog market has grown around it. In the past decade, the industry has seen the valuation of music publishing and recording rights increase as artists like Bruce Springsteen, Queen, Bob Dylan, Tina Turner and Pink Floyd have sold significant portions of their catalogs — to the tune of $500 million (in the case of Dylan and Springsteen) and over $1 billion for Queen and the estate of Michael Jackson. Some analysts project that the publishing rights asset class alone will reach over $10 billion by 2030 if it continues performing consistently.
Universally considered one of rap’s greatest acts, Notorious B.I.G., (born Christopher George Latore Wallace) crafted some of the most highly regarded works of all time for the genre. With a discography that wowed both purists and mainstream audiences, Biggie was one of the most defining artists of ‘90’s hip-hop and a central figure in New York’s rap scene. S: Hollywood Reporter
