Beatles coming to iTunes [u]
March 7th 2008
Telegraph (UK) reports that Sir Paul McCartney is expected to release the Beatles catalog for download on the internet in a deal that could be worth up to £300 million ($604 million).
[u] UPI reports that that Sir Paul McCartney has reached a $400 million agreement with iTunes for the distribution of the Beatles' back catalog.
A spokesman for Apple Corps, the Beatles label, would not confirm when the records would be available and only said: "The date has not yet been set."
Hits from Sergeant Pepper's Lonely Hearts Club Band, the White Album and Help will be available from the iTunes website and are expected to top the download charts for several months after release.
Although the exact value of the records are not known, some estimates have placed it at £300 million and Sir Paul, Ringo Starr and the families of John Lennon and George Harrison would all receive large sums of money as part of the contract. [u] Michael Jackson reportedly will receive a cut, as well.
One of the issues that has held up digital delivery of the Beatles catalog is a long-standing suit royalty suit, which has been settled for £30 million.
Editor's note: It's widely rumored that any online distribution deal could increase the size of Sir Paul's divorce payment to Heather "get my bedpan or I'll cash you in" Mills. Why would he do it now?
