'It makes me sad that Taylor had that reaction to the deal,' the media mogul says.
Scooter Braun is opening up about his controversial decision to purchase Taylor Swift's former record label, Big Machine, in 2019.
In a new interview with Variety, the 40-year-old music mogul admits he regrets how the purchase went down, which included him acquiring the master rights to Swift's first six studio albums. At the time of acquisition, Braun received major backlash from Swift fans who labeled him as a bully for buying her hard-earned work. Swift claimed that her team attempted to enter into negotiations with Braun for her masters, but that he wanted her to sign an ironclad NDA stating that she would never say another word about him unless it was positive before they could even look at any financial records.
"I regret and it makes me sad that Taylor had that reaction to the deal. … All of what happened has been very confusing and not based on anything factual," he now says. "I don't know what story she was told. I asked for her to sit down with me several times, but she refused. I offered to sell her the catalog back and went under NDA, but her team refused."
"It all seems very unfortunate," he continues. "Open communication is important and can lead to understanding. She and I only met briefly three or four times in the past, and all our interactions were really friendly and kind. I find her to be an incredibly talented artist and wish her nothing but the best."
Braun ended up selling the Swift assets to a private equity company called Shamrock Holding, which Variety reports netted him $160 million. Swift also decided to re-record her old music. Braun says what hurt him the most when it came to all the drama was some calling him a bully.
"I'm firmly against anyone ever being bullied," he stresses. "I always try to lead with appreciation and understanding. The one thing I'm proudest of in that moment was that my artists and team stood by me. They know my character and my truth. That meant a lot to me. In the long run, I'm happy for my life's work to be the legacy I leave behind."
Braun is featured as Variety's Music Mogul of the Year. Last year, entertainment giant HYBE acquired his Ithaca Holdings for $1.05 billion, and the outlet reports that the major deal not only personally netted him $400 million, but also included $50 million in stock disbursements to longtime clients -- including Justin Bieber and Ariana Grande, who both received $10 million in HYBE shares -- as well as members of his staff.
"I think when you're successful, you are misunderstood," he says. "Success is a game of chess, and sometimes on that chessboard, people don't see what you're doing until four or five moves in. There's always going to be misconceptions because people want to see things the way they want to see them. But it would be really nice if we all give each other a little bit of grace."
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