Sony/ATV, Apple Deny Rumors of iTunes Beatles Deal

Sorry, Beatles fans: two sources are throwing cold water on rumors that Paul McCartney has sold the rights to the Beatles back catalog to iTunes.

First, a denial by Sony/ATV Music Publishing, which is the joint venture owned by Sony and singer Michael Jackson. Sony/ATV owns the publishing rights to the vast majority of the catalog (EMI owns the recording rights). Thus, as a Sony/ATV spokeswoman said, had a deal been made, Sony/ATV would "absolutely be informed."

Meanwhile, Apple made a similar denial, with a spokeperson saying "This is not news, nor is it a scoop."

Rumors of an iTunes / Beatles deal turn up seemingly every few months or so, perhaps due to wishful thinking on the part of Beatles fans. This time the story seemed legitimate, with three major British newspapers reporting it.

Apparently, the respectability of the sources didn't have much to do with the validity of the story.

Additionally, when thinking about the financial implications of the deal, at $400 million, it would take Apple about 1.2 billion Beatles songs to make back the money, as Apple grosses about $0.33 per song. Since 2003, Apple has sold 4 billion tracks total.

Of course, just because it didn't happen now, doesn't mean it won't happen in the future. Beatles fans can continue to hope.