It’s looking like a big payday for the estate of The Notorious B.I.G.
Weeks after the death of the late rapper’s mother, Voletta Wallace, his estate has finalized a deal with Primary Wave to acquire Biggie’s catalog.
The New York City-based company, which also has ownership rights to late artists like Bob Marley, Luther Vandross, Whitney Houston and Prince, confirmed Thursday that the partnership encompasses music publishing and recordings, as well as the rap legend’s name, image and likeness.
“The estate and Primary Wave will collaborate on all business moving forward in an effort to continue the incredible and innovative work done thus far with one goal in mind, to keep the legacy of the Notorious B.I.G. alive,” the companies said in a joint statement.
While terms of the deal were not disclosed, the Wall Street Journal reported that Primary Wave is taking a 50% interest in the estate, which is valued at $200 million.
Biggie Smalls, born Christopher Wallace, became one of the best-selling and most respected hip-hop artists of all time, despite his short career. The Brooklyn native, who released only two studio albums but produced a string of club bangers and platinum songs, left an indelible impact on the rap industry.
He was assassinated on March 9, 1997, gunned down in Los Angeles at the age of 24 while leaving an after-party for the Soul Train Awards.
Billboard rates his 1997 posthumous opus, “Life After Death,” among the greatest rap albums of all time.
Following her son’s murder, Voletta Wallace took control of Biggie’s estate, reportedly transforming the worth of $10 million upwards to $160 million through her close relationship with his former manager, Wayne Barrow.
She died of natural causes on Feb. 21 while in hospice care. She was 78.
While the Primary Wave deal closed just weeks after her death, sources said she was involved in nearly every aspect of the deal’s negotiations.