McCartney Signs Deal with iTunes for Beatles Catalog: Report

By Michael Santo
Editor-in-Chief, RealTechNews

If nothing else, it appears that the contentious divorce between Paul McCartney and Heather Mills has led to one good result - well, not for either of them, but for music fans. McCartney has authorized the release of the Beatles’ back catalog on iTunes in a deal that is valued at $400 million, according to a Daily Mail report.

The deal will be exclusive to iTunes, which is unfortunate, as I would much rather see it on the all-MP3 (and DRM-free) Amazon Mp3 service. Despite the music being on the EMI label, McCartney can choose who to deal with; however, since it is on EMI it would be available on iTunes in DRM-free format.

The majority of the money will go to McCartney, Ringo Starr and the families of John Lennon and George Harrison. Some of it will go to the EMI (as I mentioned) Sony recording groups, who each own certain Beatles recording or publishing rights.

Additionally, some will go to Michael Jackson, who owns some of the rights as well. Based on reports of late mortgage payments on Neverland Ranch, he could probably use a rapid infusion of cash.

Although McCartney could use the funds for his settlement, the Daily Mail also says that it’s possible Heather Mills might ask for a larger amount, somewhat of a pyrrhic result.

It’s unclear yet as to just when iTunes will have the music for sale, but you can be sure I’ll keep you posted.