By: AnnMarie Scaramuzzino
After a lot of controversy, it looks like Sir Paul McCartney may finally be taking back what’s his.
The rocker famously lost the rights to the Lennon-McCartney Beatles songs back in the 80s when the late Michael Jackson, who was a friend of McCartney’s at the time, outbid him for the catalog, shelling out a whopping $47.5 million to the Associated Television Corporation, according to the Daily Mail.
The ownership of the classic songs may soon change hands though, due to the 1976 US Copyright Act, which states that the rights to songs written before 1978 will return to the songwriter after 56 years – a mark that will hit five years from now for McCartney.
That means that in 2018, the rocker will finally begin receiving royalties and licensing money for the songs he wrote with the late John Lennon in the 60s and 70s, which actually make up the majority of the Beatles’ vast catalog.
For years, McCartney has had to field rumors of a rift between Jackson and himself, most recently, denying the fact that he was saddened after Jackson, who passed away in 2009, did not leave him the rights to the songs in his will, according to the Daily Mail.
There is no word on the exact value of the catalog, but we have a feeling that to Paul McCartney, being able to play his songs without paying someone else first will be priceless.
For more on this story, head to DailyMail.co.uk and check out Paul McCartney’s official website for concert listings and other info.