Prince and his former record label Warner Bros. Records parted ways more than 20 years ago. Today (April 18), the Purple One and the label have rekindled their musical partnership to release some exciting new projects.

According to a press release (via City Pages), the new deal gives the R&B icon ownership of all his master recordings, something that he’s been fighting for since leaving the label in the mid-'90s.

Under the new deal, Prince plans to release a digitally re-mastered, deluxe version of his classic 1984 album 'Purple Rain' in celebration of its 30th anniversary this summer. The collection will include "long-awaited previously unheard music," but it’s unclear of what that material would be.

In addition, Prince will record a new album for Warner Bros., which is rumored to be the 'Plectrum Electrum’ LP with his band 3rd Eye Girl.

"A brand-new studio album is on the way and both Warner Bros Records and Eye are quite pleased with the results of the negotiations and look forward to a fruitful working relationship," Prince said in the press release.

Cameron Strang, Chairman & CEO Warner Bros. Records, is also ecstatic of their new partnership with Prince. "Everyone at Warner Bros Records is delighted to be working with Prince once again: he is one of the world's biggest stars and a truly unique talent," he said. "We are also very excited about the release of new and re-mastered music from one of his greatest masterpieces."

Congratulations to Prince on his new deal with Warner Bros. Records. Now let’s get crazy!