Taylor Swift recently announced via her Twitter account that she is in the process of re-recording her catalog after her former manager Scooter Braun sold it to private equity company Shamrock Holdings for $300 million.
By Taylor re-recording her masters it will “diminish the value” of the recordings that the Shamrock Holdings purchased.
See the tweet below:
In the tweet, Taylor updates her fans on the current state of affairs, and she shares the letter she sent to the equity company who bought her masters explaining to them why she is not willing to partner with them.
What I find mind-boggling is Shamrock Holding’s response to Taylor’s letter, they seem to be unbothered by Taylor Swift diminishing the value of their purchase, as if $300,000,000 is not a lot of money.
Shamrock Holdings responded:
Taylor Swift is a transcendent artist with a timeless catalog. We made this investment because we believe in the immense value and opportunity that comes with her work. 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.
We appreciate Taylor’s open communication and professionalism with us these last few weeks. We hope to partner with her in new ways moving forward and remain committed to investing with artists in their work.
I’m not sure if Shamrock Holdings is playing nice in public, but I would be upset about a $300 investment going bad.
Every time I think about what Scooter Braun did to Taylor Swift I think of A Tribe Called Quest lyrics, “Industry rule #4080/Record company people are shady”.
Source: NBC News