US singer Taylor Swift confirmed a report that American entrepreneur Scooter Braun has sold the rights to her first six albums.
US entertainment magazine variety has first reported that Braun had sold the rights, masters, to an investment fund.
According to the international news agency, the deal is thought to be worth more than $300 million (£227m).
Swift has earlier accused Braun of attempting to “dismantle” her musical legacy.
‘Love story’ singer revealed that it was “the second time my music had been sold without my knowledge”.
Swift said in her statement that she had been “actively trying to regain ownership of my master recordings” over the last year and had tried to enter talks with Braun.
She said that Braun’s legal team wanted her to sign a non-disclosure agreement stating “I would never say another word about Scooter Braun unless it was positive”.
A few weeks ago, Swift was contacted by private equity company Shamrock Holdings who said that they had purchased her music and album art from Braun.
While she was “open to the possibility of a partnership with Shamrock”, she learned that under the terms Braun “will continue to profit off my old music” for years.
Taylor Swift shared a letter she sent to the company. In the letter, she said, I simply cannot in good conscience bring myself to be involved in benefiting Scooter Braun’s interests,”
“I love you guys and I’m just gonna keep cruising, as they say,” she wrote.
In the music industry, ownership of masters means you can control what can be done with a song or album. Ownership of songs can bring a huge amount of profit.
Been getting a lot of questions about the recent sale of my old masters. I hope this clears things up. pic.twitter.com/sscKXp2ibD
— Taylor Swift (@taylorswift13) November 16, 2020