(CelebrityAccess) — The estate of the late funk and R&B legend James Brown has sold a stake in his assets, including music rights, and control over Brown’s name and likeness to Primary Wave.
While a price tag for the deal was not revealed, the New York Times reported that it was estimated to be worth $90 million.
The deal includes Brown’s catalog of hits, including s Papa’s Got a Brand New Bag, I Got You (I Feel Good), and It’s a Man’s Man’s Man’s World.
“I FEEL GOOD! Wow, I am awed that Primary Wave has been chosen by the estate of James Brown to partner with the Godfather of Soul. We are thrilled to help continue the expansion of his influence and further his legacy through both his music and The James Brown 2000 Trust,” said Primary Wave founder and CEO Larry Mestel.
“The James Brown Estate and related Trust are very proud and excited to work with Larry Mestel and Primary Wave,” said Russell Bauknight, Fiduciary for the James Brown Estate and Trust.
“We believe that our choice of professionals to take the James Brown Legacy to the next level is going to prove to be one of the most successful events in Mr. Browns long history in show business.”
Although Brown died in 2006, his estate has been the subject of a protracted legal battle in state and federal courts by his five children and a former romantic partner, who sought to overturn a will that pledged a majority of Brown’s financial legacy to support a scholarship to help children in South Carolina and Georgia.
The family settled earlier this year and although terms of the settlement are confidential, Mr. Bauknight told the New York Times that the only beneficiaries of the estate are two trusts for education – one for Brown’s children, which is limited to about $2 million and a second for children in Georgia and South Carolina.
The deal with Primary Wave also excludes the Estate from being a party to Brown’s termination rights, the Times reported.
