Swift’s catalog was sold to a private equity firm by Scooter Braun‘s Ithaca Holdings LLC. Taylor Swift said that these master recordings were not for sale to her. Scooter Braun and Ithaca Holdings LLC, his media holding company, sold the master rights to the first six albums of singer Taylor Swift.
It has been confirmed by Swift, and Ithaca made an announcement that its acquisition of Big Machine Label Group back in the month of June of the year 2019, giving the company the rights to the albums for the label of Swift.Taylor Swift
Image Source – CNN
She says that the masters were sold to a private equity company that is called Shamrock Holdings, and according to some reports, the deal was for more than $300 million.
She tweeted the statement explaining why she was not sold her master after news about the sale emerged. Also, she confirmed that her plans to re-record her music have already started and that she plenty of surprises in store.
Taylor Swift Is Recording Her First 6 Albums Again! What’s It All About?
She says that her team attempted to negotiate with Braun about bidding on her own work but was told that she had to sign an NDA prohibiting her from talking about Braun in a less-than-positive way.
She wrote that her legal team said that this is not absolutely normal, and they have never seen an NDA like this presented unless it was to silence an accuser by paying them off.
In addition to this, she said that he would never even quote her team a price. These master recordings were not for sale for her. She noted that she had been contracted by Shamrock Holdings and was informed that her music was sold to them without her knowledge.
The letter told her that they wanted to reach out before the sale to let her know, but Scooter Braun had required that they make no contact with her or her team, or the deal would be off.Taylor Swift
Image Source – CNN
The letter also claims that Braun will be continuing to profit from her catalog for many years, so while she was hopeful about partnering with Shamrock, she said that the participation of Scooter is a non-starter for her.
Taylor Swift signed with Republic Records and Universal Music Group in the year 2018. She has released two albums for Republic: Lover and Folklore.