LONDON (AFP) - Music label EMI has settled a royalties dispute with Apple Corps, the publishing group founded by The Beatles, in a move that could finally enable fans to buy legal downloads of the Fab Four's hits.
"I can confirm that we have reached a mutually acceptable settlement and that we are not going to say anything more than that," an EMI spokeswoman told AFP.
EMI was still working towards putting The Beatles' songs, including "Let it Be," "Hey Jude" and "Come Together," on Apple Inc.'s iTunes website, she added.
News of the settlement was overshadowed, however, by a report Thursday which said Warner Music has been warned not to overpay in its takeover bid for EMI.
In afternoon trade, the share price in EMI fell 0.60 percent to 223.40 pence on London's second tier FTSE 250 index, which was lower overall.
Apple Corps -- owned by surviving Beatles Paul McCartney and Ringo Starr and the widows of bandmates John Lennon and George Harrison -- had claimed that EMI owed 30 million pounds (44 million euros, 59 million dollars) in missing royalties from album sales between 1994 and 1999.
The band had begun legal proceedings in London's High Court in 2005 to recover the alleged missing funds.
The vast catalogue of Beatles hits has been barred from legal Internet download sites at the band's insistence, despite protests from EMI, which owns their recording rights.
Beatles' songs have long circulated on the Internet as unlicensed downloads, available from peer-to-peer sites, but industry analysts say a decision to release them would be a boon for the legal downloading industry.
British newspaper The Daily Telegraph had reported earlier Thursday that EMI and Apple Corps had agreed to settle the case at the end of March -- but added that the terms of the settlement were confidential.
The two sides could now reach an agreement on new royalties for the sale of Beatles' songs over the Internet, particularly on the iTunes music website, the paper added without citing its source.
Earlier this month, EMI said it would offer songs from its artists for download without copy protection as part of a deal with iTunes, which is touted by iPod maker Apple as the world's most popular digital music store.
EMI, the world's third-largest music group, has said it will begin to sell music without anti-piracy software over the Internet from May, but did not specify a launch date.
The announcement only covered EMI's existing digital catalogue -- which includes the likes of Coldplay, Madonna and Robbie Williams.
Elsewhere, London's Daily Telegraph newspaper reported Thursday that a key Warner Music shareholder has said the music group should not consider paying "anything near" the 320 pence per share it offered for EMI last year.
Scott Sperling, co-president of Thomas H Lee Partners, which owns 37.2 percent of Warner, reportedly told the Reuters Hedge Funds and Private Equity Summit in New York that sliding profits and growth at EMI were becoming "increasingly problematic,", affecting any price Warner might now offer.
EMI had last month rejected a fresh informal takeover bid by Warner claiming the cash offer worth 260 pence a share, or 2.08 billion pounds (3.07 billion euros, 4.05 billion dollars) was "inadequate."
Copyright © 2007 Agence France Presse.
"I can confirm that we have reached a mutually acceptable settlement and that we are not going to say anything more than that," an EMI spokeswoman told AFP.
EMI was still working towards putting The Beatles' songs, including "Let it Be," "Hey Jude" and "Come Together," on Apple Inc.'s iTunes website, she added.
News of the settlement was overshadowed, however, by a report Thursday which said Warner Music has been warned not to overpay in its takeover bid for EMI.
In afternoon trade, the share price in EMI fell 0.60 percent to 223.40 pence on London's second tier FTSE 250 index, which was lower overall.
Apple Corps -- owned by surviving Beatles Paul McCartney and Ringo Starr and the widows of bandmates John Lennon and George Harrison -- had claimed that EMI owed 30 million pounds (44 million euros, 59 million dollars) in missing royalties from album sales between 1994 and 1999.
The band had begun legal proceedings in London's High Court in 2005 to recover the alleged missing funds.
The vast catalogue of Beatles hits has been barred from legal Internet download sites at the band's insistence, despite protests from EMI, which owns their recording rights.
Beatles' songs have long circulated on the Internet as unlicensed downloads, available from peer-to-peer sites, but industry analysts say a decision to release them would be a boon for the legal downloading industry.
British newspaper The Daily Telegraph had reported earlier Thursday that EMI and Apple Corps had agreed to settle the case at the end of March -- but added that the terms of the settlement were confidential.
The two sides could now reach an agreement on new royalties for the sale of Beatles' songs over the Internet, particularly on the iTunes music website, the paper added without citing its source.
Earlier this month, EMI said it would offer songs from its artists for download without copy protection as part of a deal with iTunes, which is touted by iPod maker Apple as the world's most popular digital music store.
EMI, the world's third-largest music group, has said it will begin to sell music without anti-piracy software over the Internet from May, but did not specify a launch date.
The announcement only covered EMI's existing digital catalogue -- which includes the likes of Coldplay, Madonna and Robbie Williams.
Elsewhere, London's Daily Telegraph newspaper reported Thursday that a key Warner Music shareholder has said the music group should not consider paying "anything near" the 320 pence per share it offered for EMI last year.
Scott Sperling, co-president of Thomas H Lee Partners, which owns 37.2 percent of Warner, reportedly told the Reuters Hedge Funds and Private Equity Summit in New York that sliding profits and growth at EMI were becoming "increasingly problematic,", affecting any price Warner might now offer.
EMI had last month rejected a fresh informal takeover bid by Warner claiming the cash offer worth 260 pence a share, or 2.08 billion pounds (3.07 billion euros, 4.05 billion dollars) was "inadequate."
Copyright © 2007 Agence France Presse.