Prince's 'Purple Rain' is becoming a musical, here's everything we know

What to expect: Music and lyrics from the late superstar's hits, brought to the stage by playwright Branden Jacobs-Jenkins, a Pulitzer Prize finalist, and Tony-nominated director Lileana Blain-Cruz.

What they're saying: "We can't wait for a new generation to discover Purple Rain and for lovers of the original film and album to experience its power once again, this time live," L. Londell McMillan and Larry Mestel, representatives of the groups that own Prince's estate, said in a widely reported statement.

Between the lines: The film version, set in Minneapolis, grossed $100 million worldwide and won the Academy Award for best score, as The Hollywood Reporter notes.

What we're watching: The team behind the production hasn't said when or where the show will debut, but a website launched for its debut carries the URL "Purple Rain Broadway."

Editor's note: This story was corrected to reflect that Branden Jacobs-Jenkins was a finalist for a Pulitzer Prize, not a winner of it.