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Singer Taylor Swift’s father, Scott Swift made a $15.1 million payday when her catalog was sold to Scooter Braun in 2019 amid controversial circumstances, according to a report from Music Business Worldwide.
Thank you for reading this post, don't forget to subscribe!At the time, Braun, 41, via his Ithaca Holdings company, purchased Taylor Swift’s original label, Big Machine Label Group, from then-owner Scott Borchetta, 60, for a $330 million sum.
A rep for 33-year-old songstress in 2019 said that her father wasn’t aware of the deal and didn’t have a foresight of what was in store to inform his daughter.
The rep did not mention a nondisclosure agreement surrounding the transaction, according to the outlet.
‘On June 25, there was a shareholder phone call that Scott Swift did not participate in due to a very strict NDA that bound all shareholders and prohibited any discussion at all without risk of severe penalty,’ the rep said, the outlet reported. ‘Her dad did not join that call because he did not want to be required to withhold any information from his own daughter.
‘Taylor found out from the news articles when she woke up before seeing any text from Scott Borchetta, and he did not call her in advance.’
An insider in the high-profile business deal told TMZ that the critical board meeting involving five Big Machine Label Group shareholders was conducted 48 hours before the sale to Braun was publicly announced.
At the time, Borchetta was in charge of 90 percent of his company’s stock, meaning the deal would have gone through under any circumstance.
Scott Swift, a one-time Merrill Lynch stockbroker, was one of the aforementioned shareholders of Big Machine at the time the company’s catalog was sold to Braun, according to Music Business Worldwide.
The five percent Scott Swift owned works to $5 million from of the $300 million Braun plunked down for Big Machine.
He had invested more than $500,000 into the company in January of 2006, MBW reported, adding that his team confirmed receiving the $15.1 million in August of 2019.
