NEW YORK, April 13 (UPI) -- The oldest son of the late John Lennon sold a financial stake in his dad's Beatles' compositions to a New York music publishing firm.
Terms of the deal, expected to be formally announced Friday, between Julian Lennon, 44, and Primary Wave Music Publishing weren't disclosed, but the two sides called song catalog share "significant," The Wall Street Journal said Friday.
Primary Wave is acquiring a stake in the "songwriter's share" of royalties from the Beatles songs, said Larry Mestel, the company's chief executive officer, describing the share as a passive revenue stream remaining under control of Sony/ATV Music Publishing, which owns publishing rights.
EMI Group owns rights to the recordings.
Julian Lennon gained his financial interest in the Beatles compositions after his father died in 1980. John Cousins, the younger Lennon's business manager, said under U.S. copyright law the songwriter's interest in John Lennon's compositions was passed to his heirs -- Julian Lennon; his half-brother, Sean Lennon, and John Lennon's widow, Yoko Ono.
As part of the agreement, Primary Wave will help Julian Lennon market his new, untitled album, the first since "Photograph Smile," released in 1999.