Resonant photoemission spectroscopy has been used to study the electronic structure of the recently discovered high-temperature superconductor Pb2Sr2PrCu3O8. The valence-band features are compared with those from other high-temperature superconductors and with band-structure calculations. A strong Cu 3d8 satellite arises at approximately the same energy position as in the other high-Tc superconductors, implying that to first order the model parameter Udd will be quite similar. A 0.7-eV shift to higher binding energy of the band-theoretical density of states is required to obtain the best agreement with the photoemission spectra. The strong Cu 3d8 satellite and the discrepancy between the band theory and the photoemission spectra show the importance of correlations in this material. The valency of Pr in the material was observed to be 3+, as it had been in PrBa2Cu3O7. The extracted Pr 4f spectral weight suggests that the hybridization of the Pr 4f states with the in-plane O states is reduced, as compared to PrBa2Cu3O7-. This is plausible, as the interplanar spacing is larger in this material than in PrBa2Cu3O7-. We infer that this hybridization is important for the quenching of the superconductivity in PrBa2Cu3O7- and explains why the superconductivity is not quenched in Pb2Sr2Prr1-xCaxCu3O8.