Apple Inc. and The Beatles' company Apple Corps Ltd. have announced they have entered into a new and final agreement concerning the long drawn trademark dispute. This new agreement 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 use. The ongoing trademark dispute has been brought to a close with each party bearing its own legal costs. Apple Inc. will continue using its name and logos on iTunes.
Steve Jobs, Apple's 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."
On behalf of the shareholders of Apple Corps, Neil Aspinall, manager of Apple Corps said, "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 terms of settlement haven't been disclosed.
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