In a joint statement Apple Inc. and Apple Corps Limited said that they had entered into a new agreement concerning the use of the name “Apple” and apple logos which replaces their 1991 Agreement. Under this new agreement, Apple Inc. will own all of the trademarks related to “Apple” and will license certain of those trademarks back to Apple Corps for their continued use. In addition, the ongoing trademark lawsuit between the companies will end, with each party bearing its own legal costs, and Apple Inc. will continue using its name and logos on iTunes.
Apple Inc. CEO said, “We love the Beatles, and it has been painful being at odds with them over these trademarks. It feels great to resolve this in a positive manner, and in a way that should remove the potential of further disagreements in the future.”
Commenting on behalf of Apple Corps. shareholders, Neil Aspinall, “It is great to put this dispute behind us and move on. The years ahead are going to be very exciting times for us. We wish Apple Inc. every success and look forward to many years of peaceful co-operation with them.”
The move comes in the midst of multiple rumours concerning a potential deal whereby the Beatles will have an exclusive deal with iTunes.