Prince reaches deal with Universal Records

BEVERLY HILLS, Calif. (AP) -- The artist formerly known as the man who scrawled "slave" on his face during a '90s dispute with his record company is happy with his new Universal Records deal.
"I got a chance to structure an agreement the way I saw fit instead of the other way around," Prince said during a news conference Tuesday to promote a video for his new single, "Te Amo Corazon."
The 47-year-old superstar has signed a one-album deal with Universal to release his upcoming album, "3121," early next year.
Prince declined to give financial details of the agreement, but said it was similar to the joint venture he struck with Columbia Records in 2003. In that deal, the label manufactured and distributed his 2004 hit album "Musicology," for Prince's NPG Records.
Asked why he would sign on with the biggest record company in the world given his past clashes with major labels, Prince said, "I don't consider Universal a slave ship. I did my own agreement ... I got exactly what I wanted."
The singer challenged new artists to read the fine print on their contracts.
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