Acquired by former Virgin Records COO.
The rumors that Courtney Love was going to sell the rights to the Nirvana songs have come true. Rolling Stone reports Love has sold 25 percent of the publishing catalog to Larry Mestel of Primary Wave Music Publishing.
Neither Mestel, who is also the former COO of Virgin Records, nor Love will name the dollar figure, but a source close to the deal said Mestel has likely paid more than $50 million for the rights.
Accordng to Love, she took on Mestel as a strategic partner because managing Kurt Cobain's estate is overwhelming.
Mestel said Cobain was an incredible songwriter, and Love is a talented person herself, so he felt Love's creativity and the things he can add would make the
songs more valuable.
The sale won't result in a song like "Smells Like Teen Spirit" ending up in a deodorant commercial. Both Love and Mestel said they're going to remain tasteful and stay true to Cobain.