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Apple, Beatles Can Finally Come Together
Thursday, April 12th, 2007 at 9:55 AM - by
The Beatles have finally settled a dispute with EMI over £30 million (about US$59.29 million) in back royalty payments, clearing the way for the record label to start working on a deal to bring the Fab Four's music to the iTunes Store. The Telegraph reports that EMI reached a deal with The Beatles and their management company, Apple Corps, at the end of March.
Terms of the settlement were not disclosed, but the agreement opened the next door so that Apple Corps and EMI can start working on an agreement over royalties for songs distributed as music downloads. Once the groups settle on payment terms, The Beatles library can finally be offered for download though Apple's iTunes Store and other legal online music services.
The Beatles music library is one of the last remaining collections that isn't offered for legitimate online download. Industry experts are predicting that once available, the songs will net millions in sales and quickly climb to the top of the download hit charts.
The news that Apple Corps and EMI reached a royalty settlement comes only days after the surprise announcement that Neil Aspinall, Apple Corps CEO, is retiring after running the company for the past 38 years. No explanation for his decision to leave the company was given.
[Thanks to TMO reader Douglas Lee for the heads up.]
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