Taylor Swift confirmed a report Monday that his music catalog was sold to a private equity group without his knowledge or consent – the second time it has been sold in two years – dashing his hopes of regaining control of his music since its controversial acquisition by music mogul Scooter Braun the last time around. year, something she described at the time as his “worst case scenario”.
In a statement shared on Twitter and Instagram on Monday, said she initially praised the prospect of working with Shamrock, before finding out that the deal meant Braun and his company, Ithaca Holdings, which acquired its catalog in the year latest, “would continue to receive many years of future financial recognition” from her main recordings, something she “currently cannot entertain.”
Swift also shared a letter she wrote to Shamrock Holdings, in which she said she had already started re-recording her old music, which she acknowledges will “decrease the value” of Shamrock’s investment, and a decision she said she announced last August.
In one very publicized move, Braun’s Ithaca Holdings acquired Swift’s work by purchasing his former label, Big Machine – which owns the rights to its first six albums – in 2019 for roughly the same price it now sells for Swift’s catalog. Swift vehemently opposed the acquisition, and accused Braun for “harassing” and attempting to “dismantle” his “musical legacy”. Swift has tried to buy back the rights to her music ever since, but said the Braun team won’t even enter into negotiations unless they sign “a rock-solid NDA stating that I will never say another word. “about Braun” unless it is positive “. ”
In September, and in the midst of his own fight with the Universal Music Group label, Kanye West promised on Twitter that he would help Swift get her masters back in what appeared to be an olive branch in the two artists’ strained relationship.