Paul McCartney facing tough competition for bid of Beatles' songs

Sir Paul McCartney, who is planning to bid for rights of 251 Beatles songs written by him and John Lennon, is reportedly facing a tough competition for his bid.

Sony Music is planning to sell its 50 percent share in the back catalogue which brings in tens of millions of pounds in royalties every year following the devastating hack attack on the company's computers, the Daily Star reported.

A senior Sony Music executive said that this could evolve into one of the biggest financial battles the music industry had ever seen.

It is also reported that the estate of Michael Jackson which already owns the other 50 percent is also planning a enormous bid, along with billionaire moguls David Geffen, 71, and Len Blavatnik, 57, who owns Warner Music.

Jon Rubin, a music industry financial expert based in LA, said that he would imagine McCartney will need to find other investors and form a consortium if he is to stand a chance of once more owning the unforgettable songs he and John wrote.

Financial experts reckon that Sony's stake could go for up to 1.3billion dollars.