Under a new agreement announced today, Apple will now take ownership of all trademarks relating to the name 'Apple', but will license some of those back to the Beatles' Apple Corps, enabling the long-defunct but still high-selling 1960s band to continue using the name for its record label and other projects. All current lawsuits have also been withdrawn.

The terms of the settlement weren't disclosed, but both parties seem happy with the arrangement. We love the Beatles, and it has been painful being at odds with them over these trademarks," Apple CEO Steve Jobs said in a statement. "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."

Rumours of an agreement over the long-running dispute gathered strength after a number of Beatles' tracks were played during Jobs' Macworld keynote this year. A settlement of the trademark dispute could also pave the way for the Beatles' material to become available on iTunes, a longstanding omission in the music service.

Hinting at that possibility, Apple Corps manager Neil Aspinall commented: "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."

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