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Paul McCartney Signs $400 Million iTunes Deal for Beatles Catalog | ||||||||||||
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| Wendy Aron, 03.10.2008, 12:36 PM | ||||||||||||
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| (EZ-Tracks) - In a deal estimated to be worth $400 million, Paul McCartney is set to distribute the Beatles back catalog on iTunes amidst speculation that the move was prompted by the cost of McCartney’s impending divorce settlement with Heather Mills McCartney. The singles and albums, including Sergeant Pepper's Lonely Hearts Club Band, the White Album and Help! will be made available on iTunes in the coming months and are expected to dominate the download charts for some time. Though McCartney will probably make off with the biggest share of the cash sum, Ringo Starr and the families of the late John Lennon and George Harrison will also benefit. Michael Jackson, EMI and Sony will also be paid, as they each own a share in the back catalog. Pundits are saying that McCartney may actually have to pay out a little more on his divorce settlement because of the deal, which will vastly increase his net worth. On the other hand, he will have cash on hand to pay his lawyers. Rumors about the sale of the catalog have run rampant for some time as the complex deal was delayed by contractual issues. | ||||||||||||
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