About 17 months after Scooter Braun’s Ithaca Holdings LLC acquired Big Machine Label Group and all of its recorded music assets, sources tell Variety the veteran manager and entrepreneur has sold the master rights to Taylor Swift’s first six albums. The buyer, an investment fund,hasn’t revealed his identity yet but the deal is believed to be north of $300 million and closed in the last two weeks.
Swift posted on Twitter about the sale of her catalog to Shamrock Holdings, and Billboard confirmed the news independently on Monday.Her tweet included two screenshots: A lengthy message to her fans, and a letter that she says she sent to the investment fund that purchased the rights to her master recordings from Braun.
“Been getting a lot of questions about the recent sale of my old masters,” she wrote. “I hope this clears things up.”
In a statement, Swift explained that her team “attempted to enter into negotiations” with Braun prior to the new sale.
“Scooter’s team wanted me to sign an ironclad NDA stating I would never say another word about Scooter Braun unless it was positive, before we could even look at the financial records of BMLG (which is always the first step in a purchase of this nature),” she wrote. “So, I would have to sign a document that would silence me forever before I could even have a chance to bid on my own work.”
Confirmed and Sold:Scooter Braun Sells Taylor Swift’s Master Recordings for $300 Million
She also explained it’s been quiet awhile she and her team was striking a deal with Braun to regain ownership of her masters. On the other hand Braun’s side had insisted on her signing an NDA to ensure that she would never speak a negative word about the veteran music manager. Because of this, terms of a deal were never discussed.
“A few weeks ago my team received a letter from a private equity company called Shamrock Holdings, letting us know that they had bought 100% of my music, videos, and album art from Scooter Braun,” Swift continued. “This was the second time my music has been sold without my 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 also added that while she was optimistic about working with Shamrock, her feelings changed when she was informed that Braun will still make money off her music. And finally the sale was done.
The deal is viewed as a big win for Braun, who profited handsomely from his initial investment. Braun was also harshly and publicly criticized by Swift, who labeled him a “bully” and said just under a year ago that Braun was “the definition of toxic male privilege in our industry.”
Also soon after the sale she is allowed to re-record the songs from those first six albums. These albums include Taylor Swift (2006), Fearless (2008), Speak Now (2010), Red (2012), 1989 (2014), and Reputation (2017).
“I have recently begun re-recording my older music and it has already proven to be both exciting and creatively fulfilling,” Swift revealed in her post. “I have plenty of surprises in store. I want to thank you guys for supporting me through this ongoing saga, and I can’t wait for you to hear what I’ve been dreaming up.”