United Press International is reporting that Paul McCartney has reached a $400 million agreement with iTunes for the distribution of the Beatles' back catalogue.

McCartney had revealed at the end of last year that the Fab Four would be going digital soon, stating:

"It's all happening soon. Most of us are all sort of ready. The whole thing is primed, ready to go - there's just maybe one little sticking point left, and I think it's being cleared up as we speak, so it shouldn't be too long. It's down to fine-tuning, but I'm pretty sure it'll be happening next year, 2008."

McCartney will share the money with former Beatles drummer Ringo Starr and the families of late Beatles stars George Harrison and John Lennon.

Some of the payout also will go to broke pop star Michael Jackson, as well as the EMI and Sony recording groups, who each own certain Beatles recording or publishing rights.

The Beatles coming to iTunes has been a will it/won't it happen saga for years now, since Apple-the-computer-company and Apple-the-record-label settled their legal issues.