Prince will now have full ownership and control over his master recordings after signing a new contract with his former label, Warner Bros. Records.
The legendary singer has announced that fans will soon hear previously unreleased music as well as a digitally remastered, deluxe 30th anniversary edition of his 1984 soundtrack to Purple Rain.
"A brand-new studio album is on the way and both Warner Bros. Records and Eye are quite pleased with the results of the negotiations and look forward to a fruitful working relationship," says Prince in a statement.
"Everyone at Warner Bros. Records is delighted to be working with Prince once again: he is one of the world’s biggest stars and a truly unique talent. We are also very excited about the release of new and remastered music from one of his greatest masterpieces," says Warner Bros. Chairman and CEO Cameron Strang.
Just hours after the new deal was announced, Prince released a new single, "The Breakdown," which you can purchase on iTunes. The funk ballad begins with Prince introducing what he says "could be the saddest story" that's ever been told.