Wednesday, November 6, 1968
Northern Songs announces record profit
Last updated on October 2, 2024
Wednesday, November 6, 1968
Last updated on October 2, 2024
Article November 5 - Mid-November?, 1968 • Paul McCartney spends time with Linda Eastman in Scotland
Article Nov 06, 1968 • News reports the Beatles' live TV show would be recorded in December 1968
Article Nov 06, 1968 • Northern Songs announces record profit
Article Early November 1968 • "The Beatles" double-album postponed by one week
Article Nov 11, 1968 • "Unfinished Music No. 1: Two Virgins" by John Lennon and Yoko Ono, released in the US
Jun 26, 1962
May 1964
Jan 27, 1965
Northern Songs becomes a public company
Feb 18, 1965
The Beatles resign from The Beatles Ltd
Nov 19, 1966
Apr 19, 1967
The Beatles hire Alexis “Magic Alex” Mardas
Aug 24, 1967
In February 1965, Northern Songs, the music publishing company established in February 1963 to publish songs written by John Lennon and Paul McCartney, went public on the London Stock Exchange. As a result, the company is required to disclose its earnings figures every year.
On this day, the press reported that Northern Songs had generated record profits, leading to an increase in its share value.
BEATLES BEAT FREEZE
THE Beatles spun profits of their Northern Songs company up by £89,000 to £932,000 last year with “a little help from their friends.” The money rolls in from royalties on songs written by the Beatles whether those songs are recorded by them or by other singers. Two hits owned by Northern Songs are in the Top Twenty — the Beatles own recording of “Hey Jude” and Joe Cocker’s “With a Little Help from My Friends.”
Northern Songs’ dividend goes up by 6d. to 1s. 7 1/4d. a share.
This, of course, beats the Government’s dividend freeze purely because Northern Songs is a “close” company controlled by fewer than half a dozen people. Its dividend is subject to tax rules which cancel out the dividend freeze.
The shares rose 9d. to 24s. on news of the profits.
From Daily Mirror – November 6, 1968
BEATLE SHARES JUMP AFTER RECORD PROFIT
THE Beatles’ Stock Exchange company announced record profits and a fatter dividend last night. And it revealed that George Harrison has sold out and that John Lennon has sold half of a block of 100,000 shares he held in trust with his estranged wife, Cynthia.
The registrar of the company, Northern Songs, which publishes music written by the pop groups, said that George had sold all his 40,000 shares in August. At that time they were worth about £48,000, giving him a £32,000 profit.
The shares were worth 7s. 9d. each when they were first launched on the Stock Exchange in 1965. They went up by 9d. to 24s. each yesterday on news of record profits for last year and an increase in the dividend from 56 per cent, to 80 1/2 per cent. The three Beatles who are still shareholders collect dividends totalling £119,000 before tax.
Most of George’s profits would be subject to a 30 per cent capital gains tax. All songs written by him in the future will be published by Apple, the Beatles’ private company.
John Lennon still holds 644,000 shares — worth £772,000 — in Northern Songs. Paul McCartney owns 744,000 shares, which have soared in value from £288,000 to £892,000. Ringo Starr has 40,000 shares worth £48,000.
From Daily Mirror – November 6, 1968
The Beatles Diary Volume 1: The Beatles Years
"With greatly expanded text, this is the most revealing and frank personal 30-year chronicle of the group ever written. Insider Barry Miles covers the Beatles story from childhood to the break-up of the group."
We owe a lot to Barry Miles for the creation of those pages, but you really have to buy this book to get all the details - a day to day chronology of what happened to the four Beatles during the Beatles years!
Notice any inaccuracies on this page? Have additional insights or ideas for new content? Or just want to share your thoughts? We value your feedback! Please use the form below to get in touch with us.
