Prince to release 'long-awaited' new music, deluxe reissue of 'Purple Rain'

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Dig if you will a picture ... that 30 years later is still a beloved rock-n-roll movie.

As part of a new deal with Warner Bros. Music, Prince has announced a new deluxe, digitally remastered reissue of the smash hit "Purple Rain" soundtrack, coming just in time for its 30th anniversary in a few months.

Plus: A new studio album of "long-awaited, previously unheard material," although it was not immediately clear when it would be released.

The projects, plus others, are part of a broader, newly announced licensing deal between Prince and Warner Bros., Spin magazine reports. Cash figures were not disclosed, but the parties note that Prince again has ownership of his songs' master recordings.

Billboard magazine reports that the deal allows Prince to regain ownership of his catalog after a famous split with Warner Bros. in 1996, when the artist called himself a slave to the label, changed his name to a symbol, and blasted the recording industry.

After nearly two decades, the deal puts to rest what Variety called "one of the most public contract disputes in the history of the music business."

In addition to the great reconciliation, Minnesota's Purple One has been busy lately ...

... playing gigs with his all-girl band 3RDEYEGIRL (this is a recent performance of "Let's Go Crazy,") ...

... making a guest appearance on the TV sitcom "New Girl" ...

... and taking over Arsenio Hall's show ...

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