McCartney Inks Deal to Make Beatles' Music Available on iTunes

In the wake of his divorce from Heather Mills, which is expected to take a sizable chunk of his savings, Paul McCartney has authorized the release of the Beatles' back catalog on iTunes, in a deal expected to net over $400 million. The release will help soften the blow of McCartney's multi-million dollar divorce.

The deal has been rumored and delayed more times than we can count, but this time industry insiders say that the tracks will be available by the end of the year.

The profits from making the music available on iTunes will be split amongst Paul, Ringo Star, and the families of the late John Lennon and George Harrison. Past deals with EMI, Sony, and Michael Jackson will also mean that they'll get a cut on payday. It's not yet clear how much McCartney stands to make personally from the deal.

McCartney's divorce has cost him nearly $10 million to date, and insists that he is worth less than the £825 million commonly cited. Mills suggests that he is worth much more than that, however. Details of the settlement are expected to be drawn up over the next ten days. Mills is expected to receive between £20million and £30million.

The timing of the iTunes deal, however, could throw a wrench into things for McCartney. With the settlement not yet finalized, Mills could be inspired to ask the judge for a large payout considering his increased income.

The judge in their divorce case is expected to announce the ruling on March 17. He is taking into account not only McCartney's earnings during their four year marriage, but also his future earnings.

Paul told the trade magazine "Music Week" that he expected the Beatles would have their back catalog on iTunes "this year." Adding, "Everyone wants it. It's just ironing out the details."

Ironing out the details is what has taken so long already for the deal to be finalized. With so many parties involved, any deal involving the Beatles is inevitably slow, and industry insiders are warning that this deal could be slow moving as well. Which would make an end of the year target far more realistic than something a couple months from now.

When the Beatles back catalog is released, industry insiders are expecting a slew of new number one hits for the band.

Paul Williams, "Music Week" editor, said that the sheer breadth of the band's work set them apart from other groups:

"Unlike some acts, where people are only going to be interested in a handful of songs, the Beatles catalogue contains a hundred or more songs that are all-time classics," he said.