For the film, the studio has acquired the rights to a number of classic songs from the late singer's catalog, reported Variety.
According to sources, the film is not a biopic but an original fictional story with Prince's classic songs driving the plotline.
Atom Factory's Troy Carter, the entertainment advisor of Prince's estate will executive produce alongside Jody Gerson, Chairman and CEO of Universal Music Publishing Group, the exclusive worldwide publishing administrator for Prince's catalog.
Prince won eight Grammy Awards, six American Music Awards, a Golden Globe Award, and an Academy Award for the 1984 film "Purple Rain". He sold more than 100 million records worldwide, making him one of the best-selling music artistes of all time. He was inducted into the Rock and Roll Hall of Fame in 2004.
The singer, whose pioneering brand of danceable funk made him one of music's most influential figures, died on April 22, 2016 at the age of 57.
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