Taylor Swift masters deal earned Scooter Braun $265 million profit
Los Angeles, California - The controversial deal that left Taylor Swift without ownership of the masters to her first six albums reportedly scored a profit of $265 million for music executive Scooter Braun.
On Thursday, Music Business Worldwide reported new details about the business drama that unfolded between 2019 and 2020.
The conflict began when Ithaca Holdings, founded by Scooter Braun, purchased Big Machine Label Group (BMLG), with whom Swift had signed when she was 15.
The June 2019 deal saw Ithaca Holdings purchase BMLG, and the masters of the singer's first six albums, for $330 million.
Braun then turned around and sold the masters to Shamrock Capital for what was originally reported to be $300 million.
With new insight from those directly involved, Music Business Worldwide has now confirmed that the music executive scored a profit of $265 million for the buy-and-sell move.
The new details were also touted by TMZ as a major reveal that Swift's father, Scott, had received a payout of $15 million, but as he was an investor in Big Machine, this was expected. Scott also didn't attend a shareholders meeting about the deal as it would've bound in a strict NDA that would've prohibited him from speaking to his daughter about the move.
Swift's intention was always to buy her masters back - an opportunity that she says was never given to her. Since the controversial deal, the Lavender Haze artist began re-recording her first six albums to reduce the value of the masters.
Taylor Swift is re-recording her first six albums to devalue the originals
She has already released Taylor's Versions of Fearless and Red, which have been happily adopted by fans as the preferred versions to stream after the loss of her masters. Her next re-recording will be of her third album, Speak Now, and is set to drop on July 7.
Braun, meanwhile, opened up last year about having some regrets about how the deal went down, admitting his "arrogance" about believing the deal wouldn't be an issue for Swift.
Cover photo: Collage: Amy Sussman & KEVIN WINTER / GETTY IMAGES NORTH AMERICA / Getty Images via AFP