It’s a done deal. A couple of weeks ago, Primary Wave was reported to be nearing a deal to acquire a significant stake in the Notorious B.I.G.’s recordings and publishing catalog, plus name, image and likeness rights.
That deal has now closed, Primary wave has confirmed.
Financial terms of the agreement haven’t been disclosed. The Wall Street Journal reported earlier today (March 20), citing people familiar with the matter, that Primary Wave has taken “a 50% interest in the Notorious B.I.G estate, valuing the late rapper’s life’s work at over $200 million.”
The WSJ noted that Biggie Smalls’ mother Voletta Wallace approved the deal shortly before her death last month.
The report also suggested that Primary Wave will work with the Notorious B.I.G. estate “to pursue projects that elevate Biggie Smalls’ status as a legend”.
Those projects could include a Broadway show about his life or “immersive” experiences using his music plus virtual “avatar”.
Born Christopher Wallace and also known as Biggie Smalls, the late 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.
Voletta Wallace, the rapper’s mother, who passed away last month at age 78, 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 has built a portfolio that includes rights to works by Bob Marley, Whitney Houston, Stevie Nicks, and Luther Vandross.
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, and Feels So Good composer Chuck Mangione.
Primary Wave has also recently acquired the catalog of Nuno Bettencourt of 90s rock band Extreme; inked a publishing partnership with alt-rock band The Spin Doctors; and signed a music rights deal with Neil Finn of Crowded House.
The company also struck a deal for the recorded, publishing, brand and name and likeness rights of The Village People of YMCA fame; a catalog deal with the estate of songwriter and musician P.F. Sloan; and a stake in the catalog of singer/songwriter Neil Sedaka.
Primary Wave’s acquisition spree has been powered by a $2 billion partnership with Brookfield Asset Management in 2022, which saw the firm take a minority stake in the New York-headquartered music publisher founded and led by Larry Mestel.
Biggie Smalls’ 1994 debut album Ready to Die produced 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.
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.
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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