Scooter Braun has reportedly sold Taylor Swift’s Big Machine masters in a deal believed to be worth more than $300 million.
According to Variety, the music manager and entrepreneur has sold the master rights to Swift’s first six albums. The buyer is said to be an as yet unknown investment fund who closed the deal sometime in the last two weeks.
Swift has since responded to the news, sharing a post on Twitter with the caption: “Been getting a lot of questions about the recent sale of my old masters. I hope this clears things up.”
Swift said her masters were sold to a private equity company called Shamrock Holdings, and that she’d been contacted by them and was informed that her music was sold to them without her knowledge.
“The letter told me that they wanted to reach out before the sale to let me know, but that Scooter Braun had required that they make no contact with me or my team, or the deal would be off,” she wrote.
The letter claimed that Braun will continue to profit from her catalogue “for many years,” so while she was hopeful about partnering with Shamrock, Swift said that “Scooter’s participation is a non-starter for me.”
A sad turn of events for the Pop star who has been battling against Braun for years. Yet this situation teaches an important lesson to artists and reaffirms the need for smart contracts and even smarter musicians.
Reported By: Jessica Rowe