Variety:

Universal Pictures has acquired the rights to a number of classic songs from Prince’s catalog and is developing an original film musical inspired by his music, using the songs to drive a fictional narrative.

Insiders stress is that the film is not a biopic but an original story with Prince’s classic songs driving the plotline. The Prince estate has been inquiring with studios about such a film, and Universal Chairman Donna Langley worked aggressively to acquire the rights.

Sources close to the situation say the estate and Universal already felt that the biopic angle had largely been covered by Prince’s 1984 star-making film “Purple Rain" and wanted to do something original and outside the box. Meetings have begun with potential writers and producers and execs are hoping the film can be something like Universal’s “Mamma Mia,“ with a completely original story where Prince’s music helps drive that narrative.

I mean, I love Prince.

…but this is a bad idea.