baby you're a rich man...
Julian Lennon has sold a "significant" stake in his share of The Beatles' catalog to Primary Wave Music Publishing, according to various reports. While the specific terms have not been announced, the deal is only for songwriting royalties from the Lennon/McCartney songs, not the publishing.
The sale will not affect who has control over the Beatles' music or how they are used.
Sony/ATV Music Publishing, which is partly owned by Michael Jackson, still holds the publishing rights to the Fab Four's music.
Primary Wave is the same company that purchased 50 percent of Courtney Love's share in Nirvana's publishing catalog last year, for an estimated $50 million. According to the Wall Street Journal, as part of the deal, Primary Wave will help finance a new album from Julian Lennon, his first since 1999.
This has been a busy week in the business world of the Beatles, as Apple Corp. with EMI. Also, Apple Corp.
named Jeff Jones as , while Neil Aspinall stepped down after over 40 years with the Beatles' company.
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