Taylor Swift was reportedly taken by surprise when her musical portfolio was purchased by Scooter Braun, but recent revelations suggest her father may have earned a substantial sum from the transaction.
For those who aren’t aware, Taylor Swift’s discography was handed over to Scooter Braun in 2019, following Scott Borchetta’s decision to sell his company, Big Machine Label Group. Scooter’s Ithaca Holdings spent $330 million to acquire it.
Insiders with knowledge of the situation affirm that Taylor was not a part of these discussions or the deal itself. However, recent findings contest the extent of her awareness of Scooter’s acquisition.
The deal led to a significant amount of strife and prompted Taylor to create re-recorded versions of her earlier work, aptly named “Taylor’s Versions”. Yet, according to Music Business Worldwide, Taylor’s father, Scott Swift, netted a cool $15.1 million from this landmark sale.
Contrarily, in 2019, a spokesperson for Taylor claimed that her father was not informed about the deal before its execution. He allegedly purposely avoided a confidential call concerning the prospective agreement, ensuring he didn’t have to keep anything hidden from his daughter.
The spokesperson elaborated, “On June 25, a shareholders’ meeting took place that Scott Swift purposely missed due to a strict NDA that bound all shareholders, barring them from any discussion without risking severe penalties. Scott Swift chose not to be part of the call because he didn’t want to be obligated to keep any information from his daughter. Taylor found out about the sale through the media before receiving any messages from Scott Borchetta, who didn’t inform her ahead of time.”
Further insider input disclosed that the shareholders’ meeting took place just 48 hours before the sale to Scooter was made public. Given that Scott Borchetta held a 90% stake in the stock, the sale was essentially a done deal.
The publication confirms that Scott Swift was one of the five shareholders of BMLG at the time of sale, owning approximately 5% of the company when Borchetta sold it to Scooter. A hefty payday, especially considering the emotional distress Taylor publicly expressed regarding the sale.
Taylor has been busy re-recording all her previous albums ever since her music was sold, aiming to create versions she could claim ownership of.
In 2020, Scooter sold the master rights to Taylor’s first six albums to an anonymous investment fund for $300 million, causing Taylor to publicly express her disappointment that the rights weren’t made available for her to buy.
On a brighter note, Taylor appears to be financially thriving despite her father’s earnings from the sale. Her current “Eras Tour” has been enjoying sold-out shows all across the country.
Artical Source http://www.tmz.com