Love sells a stake in Nirvana

Courtney Love has sold 25% of her share of Nirvana’s publishing catalog to Larry Mestel, a former Virgin Records executive who now runs Primary Wave Music Publishing, Rolling Stone magazine reported on its website, rollingstone.com. It quoted a source close to the deal as saying Mestel likely paid Love more than $50 million.

Love inherited more than 98% of the band’s publishing rights from her late husband, Nirvana singer and lead songwriter Kurt Cobain. She told Rolling Stone that she brought in Mestel to help her manage the estate, which was proving “too much for me.”

Love and Mestel declined to say exactly what they had in mind for Nirvana’s music. Love promised that they would “remain very tasteful” as they endeavor to “take Nirvana places it’s never been before.”