EMI And Apple Corps Settle Royality Dispute
April 12, 2007 at 10:03 AM (PT)
THE BEATLES’ APPLE CORPS company has settled a royalties dispute with record label EMI, the two companies said today, 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 LTD., 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.
The legal settlement leaves EMI and APPLE CORPS free to negotiate a new royalties agreement that would include Internet sales. Neither company would comment on whether such an agreement was imminent. At a news conference last week, however, EMI CEO 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.