October 1, 2002 — Courtney Love and Universal Music Group (UMG) announced today that they have settled all of their legal disputes. UMG will waive any rights to future recordings from Ms. Love. As part of the settlement, Ms. Love and the other members of the Cobain estate have granted UMG permission to release new Nirvana packages, including a compilation album with a never-before-released track, a box set, and a rarities album. Separate permissions were obtained from the surviving members of Nirvana.

As part of the settlement, ownership of a group of unreleased Hole recordings will revert to Ms. Love. In addition, UMG will waive the company's re-recording restriction for some previously released Hole songs. Ms. Love also has the option to release a long-form Hole video program with UMG under a separate new agreement. Ms. Love is in the process of recording a new album and the first single is to be released in January by Poptones Records in the UK. UMG will receive a royalty override on some of Ms Love's future recordings.

Additional terms of the settlement were not disclosed.

"I'm excited to be releasing music again and rock music is starting to become very fun," said Ms. Love. "I plan to continue my advocacy of artists in Sacramento and Washington, where this belongs. I look forward to joining my fellow recording artists as we look for solutions to the problems we face in the music business. We must all work together through lobbying and collective bargaining to create the opportunities that have been lacking in our careers.

"This would not have been possible without the effort of my manager James Barber. He was able to work with Universal executives to devise a settlement and to work with the other members of Nirvana to negotiate a long-term plan that will protect my family's legacy," continued Ms. Love.

"We're glad that we have resolved this amicably and wish Courtney well in all of her future endeavors," commented Zach Horowitz, President and Chief Operating Officer, UMG.

Ms. Love is planning to record in the UK and France after finishing her Los Angeles sessions. She is presently writing with Linda Perry and preparing for the role of Lady Macbeth in Luc Besson and Vincent Regan's production of "Macbeth."

Universal Music Group consists of record labels Decca Record Company, Deutsche Grammophon, Interscope Geffen A&M Records, Island Def Jam Music Group, Lost Highway Records, MCA Nashville, MCA Records, Mercury Records, Motown Records, Philips, Polydor, Universal Music Latino, Universal Records, and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalog of music in the industry, which is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Strategic Marketing and Commercial Affairs (outside the U.S.). Universal Music Group also includes eLabs, a new media and technology division.