iTunes reaches $400 million for distribution of Beatles' back catalog

British singer Paul McCartney has reached a $400 million agreement with iTunes for the distribution of the Beatles' back catalog.

ADVERTISEMENT

The former Beatles star, who is currently mired in a bitter divorce, officially sanctioned the Internet download service to offer the band's musical hits from albums such as "Sergeant Pepper's Lonely Hearts Club Band," the Daily Mail said Saturday.

McCartney will not be the only one enjoying the profitable deal. Former Beatles drummer Ringo Starr will receive a portion of the profits, as will the families of late Beatles stars George Harrison and John Lennon.

Portions of the multimillion-dollar payout also will go to pop singer Michael Jackson, along with the EMI and Sony recording groups, who each own certain Beatles recording or publishing rights.

The Daily Mail said the deal could directly impact McCartney's ongoing divorce from Heather Mills as the former model may increase her settlement request to include a portion of the singer's newfound fortune.