Enter multiple symbols separated by commas

Beatles' Apple Corps Settles Royalties Lawsuit with EMI

The Beatles' Apple Corps company has settled a royalties dispute with record label EMI, the two companies said Thursday, raising hopes that Beatles recordings may soon be legally available online.

"It was settled on mutually acceptable terms last month," Apple Corps and EMI said in a joint statement. They refused to provide details of the settlement.

Apple Corps, the company owned by Paul McCartney, Ringo Starr and the widows of John Lennon and George Harrison, sued EMI Group in 2005 to recover what the band said was more than 30 million pounds ($60 million) in unpaid royalties. EMI releases Beatles recordings under the Apple label.

Apple Corps is a zealous guardian of The Beatles' interests. In February it settled a long-running trademark dispute with computer company Apple over the distinctive apple logo and name.

The Beatles have consistently refused to license their songs for music download sites, despite the desire of EMI to do so.

The legal settlement leaves EMI and Apple Corps free to negotiate a new royalties agreement that would include Internet sales.

Neither company would comment Thursday on whether such an agreement was imminent. At a news conference last week, however, EMI Chief Executive Eric Nicoli said the company was seeking to make the Fab Four catalog available online.

"We're working on it, we hope it's soon," he said.

Apple Corps announced Monday that Chief Executive Neil Aspinall, 64, a friend of The Beatles for more than 40 years, was quitting. He was replaced by Jeff Jones, a former executive vice president at Sony BMG.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Dani Mathers, the 2015 Playmate of the Year, poses during a luncheon on the garden grounds of the Playboy Mansion in Los Angeles, May 14, 2015.

    Playboy on Thursday launched its completely safe-for-work mobile app Playboy NOW, part of a strategy to make more mainstream content.

  • Li Hejun, Hanergy Holding Group

    In the history of sudden wealth loss, Li Hejun may have set a new record.

  • Marc Cuban

    Ask Mark Cuban what the next big thing in technology is, you'll get an answer straight out of a science fiction film.

U.S. Video

  • America's most diverse cities

    These towns are the best for racial, income and educational diversity.

  • Cuba/US in diplomatic talks

    CNBC's Michelle Caruso-Cabrera, has an update on talks between the U.S. and Cuba to establish diplomatic ties, as the countries attempt to overcome several major hurdles.

  • Can GAP get its mojo back?

    Dorothy Lakner, Topeka Capital Markets, provides perspective on what's hurting the apparel retailer and why things are working at Old Navy.