Prince has signed a new record deal that will also help promote upcoming talent.

The 'Purple Rain' hitmaker - who famously changed his name to an unpronounceable symbol in a row over musical rights with former label Warner - will allow Kobalt Music Group to market and distribute his future work, but won't lose control of his rights.

Prince, 54, will also have the opportunity to provide artist development and recording services for Kobalt's newly-signed artists.

Kobalt President Richard Sanders said in a statement: ''This new venture gives Prince the flexibility and freedom he's always sought in a label partner. We're providing a high level of diverse services that will be particularly customised to his vision for each release, allowing the world to experience more music from Prince and his creative community.''

Traditional labels often take ownership or part-ownership of an artist's material and decide how it is used, but Kobalt - which was established in 2000 - launched an artist and label services division last year, allowing their talent to maintain ownership of their work and control over when, how and where they will release music.

Prince's two most recent albums, 2007's 'Planet Earth'and 2010's '20Ten', were given away free in the UK with national newspapers.