Music manager Scooter Braun had acquired Taylor Swift’s first six albums from her former label Big Machine. He has sold the albums to Shamrock Capital, an investment firm.
In her statement on Monday, Swift said that she was moving forward with earlier plans to rerecord her early hits adding, “it has already proven to be both exciting and creatively fulfilling.”
Shamrock paid more than $300 million for the deal. According to sources, Shamrock had insisted that Swift should be given the opportunity to invest in her catalog with Shamrock once the deal was closed. But Swift refused as Scooter remains part of the deal.
“As soon as we started communication with Shamrock, I learned that under their terms Scooter Braun will continue to profit off my old musical catalog for many years,” Swift wrote. “I was hopeful and open to the possibility of a partnership with Shamrock, but Scooter’s participation is a non-starter for me.”
In a statement Shamrock confirmed, “We made this investment because we believe in the immense value and opportunity that comes with her work,” Shamrock said in its statement. “We fully respect and support her decision and, while we hoped to formally partner, we also knew this was a possible outcome that we considered.”
Source NY Times
The pop star signed up with the Universal Music Group two years ago. This time she made sure that she had the ownership of recording rights before she signed the deal.
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