Primary Wave is reportedly close to acquiring a significant stake in Notorious B.I.G.’s music catalog plus name and likeness rights in a deal that could be valued between $100 million and $150 million.
That’s according to The Hollywood Reporter, which reported on Friday (February 28), citing sources, that the deal is expected to close within weeks.
According to the report, the deal is expected to “encompass 50% of both publishing and master rights, with the right of publicity included”.
According to The Hollywood Reporter, citing “multiple sources”, publishing rights to the rapper’s catalog “are on the table for $100 million, as are master rights for a slightly higher price” of an additional $30 million to $50 million.
A source told the news outlet that the final price may be in the eight figures, not nine
Born Christopher Wallace and also known as Biggie Smalls, the Brooklyn rapper’s estate is represented by Mark Pitts and Wayne Barrow, co-founders of ByStorm Entertainment who previously worked with Wallace at Bad Boy Records. Primary Wave’s founder Larry Mestel and partner Steve Greener are reportedly leading the acquisition.
The deal comes shortly after the death of Voletta Wallace, the rapper’s mother, who passed away last week at age 78. She had been instrumental in managing her son’s legacy since he was killed in a shooting in 1997, producing a biopic for Wallace and overseeing the management of his estate.
Primary Wave, established in 2006 as an independent music publishing and talent management company, has built a portfolio that includes rights to works by Bob Marley, Whitney Houston, Stevie Nicks, and Luther Vandross. The company’s strategy focuses on acquiring heritage artist catalogs as the valuation of music rights continues to surge.
Its recent moves include signing a marketing and publishing administration deal with Grammy-winning songwriter and performer Jimmy Webb, along with deals with the estate of country and folk singer-songwriter Jerry Jeff Walker, Grammy-winning violinist Itzhak Perlman, Feels So Good composer Chuck Mangione, and Extreme’s Nuno Bettencourt.
The music catalog market has seen growth in recent years, with artists like Bruce Springsteen and Bob Dylan commanding deals worth in the hundreds of millions. Analysts project the publishing rights asset class could exceed $10 billion by 2030.
Wallace, regarded as one of hip-hop’s greatest artists, created some of the genre’s most popular tracks. His 1994 debut album Ready to Die spawned hits like Juicy and Big Poppa.
His posthumous sophomore album Life After Death (1997) featured chart-topping tracks Hypnotize and Mo Money Mo Problems, earning multiple Grammy nominations. It was released two weeks after he was shot death in a drive-by shooting in Los Angeles.
Following his death at age 24, Wallace’s estate has generated revenue through licensing deals, merchandising, and posthumous releases. His legacy has been documented in the feature film Notorious and in several documentaries. In 2020, he was inducted into the Rock and Roll Hall of Fame.
Warner Music Group in December 2023 launched a ’90s-inspired video game centered around the rapper in partnership with decentralized gaming virtual world The Sandbox. The immersive game, called Breakin’ B.I.G., places players in a neighborhood dominated by Wallace.
In April 2023, Warner Music launched a visual podcast series exploring Notorious B.I.G.’s final album on The Roku Channel. The series was entitled Iconic Records: Life After Death.
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