Prince, who famously scrawled "slave" on his face during a dispute with his record company in the mid-1990s, said Tuesday he received everything he wanted in his latest deal with Universal Records.
"I got a chance to structure an agreement the way I saw fit instead of the other way around," Prince said during a news conference to promote a video for his new single,"Te Amo Corazon."
The 47-year-old superstar has signed a one-album deal with Universal to release his upcoming album, "3121," early next year.
Prince declined to give financial details of the agreement, but said it was similar to the joint venture he struck with Columbia Records in 2003. In that deal, the label manufactured and distributed his 2004 hit album "Musicology," for NPG Records, Prince's label.
Asked why he would sign on with the biggest record company in the world given his past clashes with major labels, Prince said, "I don't consider Universal a slave ship. I did my own agreement ... I got exactly what I wanted."
The singer had some advice for new artists. He challenged them to read the fine print on their record contracts.
On Tuesday, VH1 and its affiliated networks, including Tempo and VH1 Soul, premiered "Te Amo Corazon," directed by Salma Hayek.
VH1 will also make the song available on its Vspot broadband channel and VH1 Mobile.
Prince said the sultry ballad is not indicative of what the album sounds like. He also said a tour was in the works but declined to give details.