Under the terms of the agreement announced Monday, Cupertino, Calif.-based Apple Inc. (formerly Apple Computer) will own all trademarks and logos related to the name "Apple" and will license them accordingly to the Apple Corps Ltd. music company.
This marks anbetween the two similarly named companies. Additionally, it replaces a pre-existing agreement, signed in 1991, which forbade Apple Inc. from distributing music through physical media like CDs and cassette tapes--an agreement that, needless to say, predated the advent of the digital music market. Apple Inc. has stated that both companies will bear their existing legal costs.
In a statement, Apple Inc. CEO Steve Jobs said that "we love The Beatles, and it has been painful being at odds with them over these trademarks." Jobs added that "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."
There is no word yet on whether this deal will eventually lead to the sale of The Beatles' music catalog in Apple Inc.'s iTunes Store, as the for legal digital download.
Apple Inc. declined to comment on the matter.