NEWS:  “One of Prince's many nicknames was The Purple One. It was reportedly his favourite colour, and after the success of Purple Rain its use defined his image and his legacy. Now, it is set to do so in perpetuity, as the late singer's estate looks to claim ownership over the use of “the colour purple” in films and live and recorded music. Paisley Park Enterprises, his company, filed an application earlier this month with the US Patent and Trademark Office to do just that.“

The Guardian:  “Rupert Murdoch’s six children could each receive as much as $2bn (£1.5bn) from the sale of his 21st Century Fox global entertainment empire to Disney. Murdoch is in the final stages of completing the $71.3bn sale of 21st Century Fox, which includes the Hollywood studio behind hits from Deadpool to X-Men and a 39% stake in Sky. The family trust, which the 87-year old Murdoch controls, owns a 17% stake in Fox worth a little over $12bn. The beneficiaries of the trust, in which Murdoch has no financial interest, are his children Prudence, James, Lachlan and Elisabeth. Grace and Chloe, his daughters with his former wife Wendi Deng Murdoch, whom he divorced five years ago, are also beneficiaries but have no voting interest in it.”

Wealth Management:  “The president’s propensity for fudging the numbers runs in the family. That’s the main takeaway from The New York Times’ exhaustive look Tuesday at the myriad of methods that the president’s father, Fred Trump, used to minimize taxes while transferring his wealth—$413 million—to his children. What’s interesting is just how permissive the gift and estate tax regime is to those willing to fudge the truth, sometimes brazenly.”

Barrons:  “The 537-acre Maryland estate of the late American novelist Tom Clancy has come on the market for US$6.2 million. The author of bestsellers like Clear and Present Danger, Patriot Games, and The Hunt for Red October owned the sprawling property about 45 miles south of Washington, D.C., for decades until his death in 2013 at age 66. It includes acres of woods, private beach on Chesapeake Bay and a three-story custom home with a number of amenities suited to a spy fiction writer. The 17,000-square-foot main house has an underground, two-lane shooting range, which “offers an opportunity to practice your marksmanship in complete privacy,” according to listing agent Angel Stevens of Cummings & Co. Realtors.”