Saturday, April 14, 2007
John Lennon's son has sold a "significant" financial stake in The Beatles' catalogue. Julian Lennon, 44, has sold part of his share in his late father's songs to New York company Primary Wave Music Publishing in a deal to be confirmed today. Terms of the sale have not been disclosed by either party but an official statement describes the share of the catalogue as "significant." The deal does not indicate any change in who controls how The Beatles' compositions and recordings are sold.
Michael Jackson and Sony Music currently own significant shares in The Beatles' catalogue. Jackson infuriated Sir Paul McCartney when he outbid him for the rights to the group's music 22 years ago. After allegedly squandering his fortune on a lavish lifestyle he was forced to sell part ownership of the catalogue, valued at 750 million, to his former record company Sony in 1995 and used his remaining share as security for loans.
The deal with Sony stipulated that if he was unable to pay the loans back he would have be required to sell the company the remainder of the catalogue by May 31 2008.