Being the "American Idol" runner-up has its rewards, too. Katharine McPhee, who lost out to Taylor Hicks in the top-rated Fox show's finale two weeks ago, has signed a record deal with music mogul Clive Davis in conjunction with 19 Recordings Unlimited, the label managed by "Idol" creator Simon Fuller, it was announced Tuesday.

'American Idol' runner-up Katharine McPhee appears on the NBC 'Today' television program, in New York's Rockefeller Center, Tin this hursday June 1, 2006 file photo. McPhee, who lost out to Taylor Hicks in the top-rated Fox show's finale two weeks ago, has signed a record deal with music mogul Clive Davis in conjunction with 19 Recordings Unlimited, the label managed by 'Idol' creator Simon Fuller, it was announced Tuesday, June 6, 2006. [AP]

The 22-year-old California native's recording of two songs ¡ª "Over the Rainbow" and "My Destiny" ¡ª will be released in stores and through digital outlets on June 27.

Hicks also recently signed the record deal that came with his victory.

After the "Idol" finale, McPhee told The Associated Press she hadn't expected to win and didn't have any regrets.

"It would really just be silly to feel bad for me at this point. I got a record deal, a new car," she told the AP.

She also said she hopes eventually to do movies as well as musical theater.