Prince and Warner Bros. Records have agreed on a global licensing deal, ending one of the most public contract disputes in music business history.

The deal grants Prince ownership of his master recordings, and allows Warner Brothers to digitally remaster and reissue Prince's albums from 1978 through the 1990s. The deal is extremely lucrative for both parties.

The announcement comes several months before the 30th anniversary of Prince's soundtrack album, "Purple Rain", which a press release confirmed would be the first record to get the deluxe reissue treatment, with others to follow. "The Purple One" also announced that a new studio album is "on the way".

"Warner Bros. Records and Eye are quite pleased with the results of the negotiations and look forward to a fruitful working relationship", said Prince, with his characteristic pronoun spelling, in a statement.

All of this would have been unimaginable two decades ago, when Prince's disputes with the label - which had signed him to an enormous contract extension in 1992 - grew so fierce that he changed his name to an unpronounceable symbol and performed with the word "slave" scrawled on his face.

Prince at the American Music Awards in 1985.

Prince settled with Warner Bros. Records in 1996, and his most recent albums have been released independently through his own NPG Records label.

"Purple Rain" was released in June of 1984 and has since been certified 13 times platinum by the RIAA.

[ via Variety ]