Word on the street is that the estate of the Notorious B.I.G is in talks to sell a variety of intellectual property for upwards of $150 million to Primary Wave.
Talks of the possible sale have emerged a week after the passing of Biggie’s mother, Voletta Wallace, who played a significant role in managing his estate.
According to The Hollywood Reporter, publishing rights to B.I.G’s catalog of work are on the table for $100 million, as are master rights for a slightly higher price.
A source told the news outlet that the final price may be in the eight figures. The deal is also said to encompass 50 percent of both publishing and master rights, with the right of publicity included.
Both include publicity rights which cover an individual’s name (Christopher Wallace, his 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 estate is currently represented by Mark Pitts and Wayne Barrow, co-founders of ByStorm Entertainment who previously worked with Wallace at Bad Boy Records per Music Business Worldwide. Primary Wave’s founder Larry Mestel and partner Steve Greener are reportedly leading the acquisition.
Founded in 2006, Primary Wave’s catalog acquisitions include Kurt Cobain, Bob Marley, Whitney Houston, and James Brown with Biggie potentially being next in line. The almost 20-year old company has made strategic partnerships with heritage artists a core of its business as the catalog market has grown around it.
Biggie has two children, T’yanna Wallace and C. J. Wallace, who are now 31 and 28 years old, respectively.