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Braun, 38, is acquiring Big Machine Label Group LLC for more than $300 million, The Wall Street Journal reported. The deal brings Swift’s six albums plus a roster of artists like Sheryl Crow, Lady Antebellum and Florida George Line to Braun's Ithaca Holdings LLC.
Many fans were left wondering who Braun is, and why Swift didn’t want him to control her recordings.
Braun started his career as a party promoter and was first elevated to prominence after discovering Justin Bieber in 2006. He claims on his website to have “broken more new artists than any other music executive in the last decade.” His music publishing and management companies have worked with artists like Bieber, Kanye West, Ariana Grande, Usher and more. Scooter founded Ithaca in 2010 with $120 million.
Braun’s SB Projects has also invested in tech companies like Uber, Spotify and Waze. In addition to his music and tech holdings, Braun also has investments in movie, TV and other brands.
Reports estimate Braun’s net worth is $400 million.
In her post, Swift claimed Braun was responsible for “incessant, manipulative bullying” against her.
“Now Scooter has stripped me of my life’s work, that I wasn’t given an opportunity to buy,” she said. “Essentially, my musical legacy is about to lie in the hands of someone who tried to dismantle it.
Swift signed with the Nashville-based Big Machine Records in 2005, when she was just 15. Last year, she opted to sign with Republic Records, leaving the ownership of her prior recordings behind at Big Machine.
In a response to Swift’s post, Big Machine CEO Scott Borchetta claimed he had offered her a deal that involved immediately transferring ownership of her music and other assets to her.
As of last year, Forbes estimated Swift’s net worth at $320 million. She has a new album due out in August.
Swift said she “made peace with the fact” that Borchetta would eventually sell her masters, but never imagined he’d sell them to Braun.
Borchetta will stay on as president and chief executive, the Journal reported. Also as part of the deal, private-equity firm Carlyle Group will further invest in Ithaca for a total of more than $800 million, according to the report.