Prince and Warner Bros. Records confirmed a new partnership today “that will see the release of long-awaited, previously unheard material” including a 30th anniversary reissue of Prince’s iconic Purple Rain, first released in 1984.

For the first time, Prince will be releasing a digitally remastered, deluxe version of the album. Other planned projects will follow, per the press release. On the new deal, Prince said, “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.”

As far as new music is concerned, Prince is planning the release of his latest effort PLECTRUMELECTRUM due out in 2014 with his band 3RDEYEGIRL. Listen to his latest single “FALLINLOVE2NITE” with Zooey Deschanel above.