When Jackson first told him his plan, McCartney thought he was joking, unaware of the pop singer’s true intentions.
McCartney and Jackson collaborated on two songs: “Say Say Say” and “The Girl Is Mine”. Both songs were hits, with “Say Say Say” reaching No. 1 in the U.S., and “The Girl Is Mine” peaked at No. 2.
In an interview with David Letterman, Paul said :
“He was talking to me and asking me about business advice, and one of the things I said to him was, ‘Think about getting into music publishing.’” “And he looked at me, I thought he was joking, he said, ‘I’m gonna get your’s’… But it turned out to be true. Which was cool, somebody had to get it, I suppose.”
“I started to ring him up because I thought, ok, he is the guy historically placed to give Lennon-McCartney a good deal at last,‘Cause we got signed when we were 21 or something in a back alley in Liverpool, and the deal remained the same, even though we’d made this company hugely successful.”
“So, I kept thinking it was time for a raise,” “But I did talk to him about, but he kind of blanked me on it. He kept saying, ‘That’s just business, Paul.’ So, I went, ‘Yeah, it is.’ And waited for a reply. But we never kind of got to it…So, we kind of drifted apart. It was no big bust up. We kind of drifted apart after that.”
John Lennon and Paul McCartney initially had the rights to The Beatles’ music through their company Northern Songs Ltd. However, in 1969, they sold their shares of the company, leaving them without the publishing rights.
In 1985, Michael Jackson purchased the publishing rights to the vast majority of the Beatles' catalog for $47 million. This included the rights to 251 songs, written by John Lennon and Paul McCartney, as well as 4,000 other songs.
The deal was brokered by Jackson's attorney, John Branca, who had previously advised him to invest in music publishing. Paul was initially interested in buying the catalog himself, but he ultimately decided that it was too expensive.
Jackson's purchase of the Beatles' catalog was a shrewd business move. The value of the catalog has only increased since then, and it is now worth billions of dollars. The catalog also generates significant revenue from licensing fees, which are paid whenever the songs are used in movies, television shows, commercials, or other commercial applications.
Jackson's purchase of the Beatles' catalog also had a personal significance for him. He was a huge fan of the Beatles, and he often said that they were his biggest musical influence. Owning the rights to their songs was a dream come true for him.
However, the deal also caused some tension between Jackson and McCartney. Paul was not happy that Jackson had outbid him for the catalog, and he felt that Jackson was not treating the songs with the respect that they deserved. The two men eventually reconciled, but their friendship was never quite the same after the deal.
In 2008, Jackson was forced to sell his remaining interest in the catalog to Sony Music. This was due to financial problems that Jackson was facing at the time. After Jackson's death in 2009, Sony took full control of the catalog.
The Beatles' catalog is still one of the most valuable music catalogs in the world. It is estimated to be worth over $2 billion. The catalog continues to generate significant revenue, and it is likely to continue to do so for many years to come.
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