Magex boosted by Beatle bucks

NEWS Former Beatle Sir Paul McCartney has invested an as yet undisclosed equity stake in Magex, a company that manages secure downloads of music from the internet. The company, developed within NatWest Bank and operating on InterTrust technology, has already received first round funding from music giant Universal as well as GE Capital, Goldman Sachs and Reuters. The latest injection of capital from McCartney will help to fund a push to establish US market share with Universal set to begin testing commercial downloads this week. The pioneering move by the musician signals a willingness within the music industry to develop links with distributors of music over the net. In July, Magex released the world's first charity single to be created and sold solely via the internet. The song by Sinead O'Connor and Thomas Dolby raised funds for the Warchild Foundation. An announcement is expected later today on the exact nature of McCartney's investment. The Times Rich List 2000 ranked McCartney as the 41st richest person in the UK with a reported fortune of £550m.