![]() ![]() It seems that, according to Taylor Swift’s rep, she and her dad were both in the dark about the details of the sale discussed at the meeting. (Kevin Mazur/Getty Images for Ithaca Holdings) The company, however, claims that Swift is in debt to it to the tune of millions of dollars and has rejected requests to mediate the situation. Scott Swift knew that he’d have to sign an NDA if he called into the shareholder’s gathering, which would have prevented him from warning his daughter about the impending sale of her work. Taylor found out from the news articles when she woke up before seeing any text from Scott Borchetta, and he did not call her in advance. Her dad did not join that call because he did not want to be required to withhold any information from his own daughter. On June 25, there was a shareholder phone call that Scott Swift did not participate in due to a very strict NDA that bound all shareholders and prohibited any discussion at all without risk of severe penalty. However, a representative for the artist says her father didn’t have any prior knowledge of the deal that she said blind-sided her, as he’d intentionally opted out of a shareholder’s meeting 48 hours prior to the sale. The short version of the story is that when Taylor Swift left her longstanding label Big Machine Records (part of Universal) in 2018, for a new deal with Universal’s Republic Records, they retained the right to the master recordings of her back catalogue. Scott Swift owned about 5 percent of Borchetta’s label, and the source confirmed that a payment of $15.1 million was made to Taylor’s father in August 2019. ![]() ![]() Music Business Worldwide has looked back at the July 2019 deal in which Scooter Braun’s Ithaca Holdings bought Big Machine Label Group from Scott Borchetta for $330 million, which included the masters to Taylor Swift’s first six albums. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |