Scott Borchetta praises Scooter Braun, says he will make company soar heights

Putting all the speculations to rest, the founder of Big Machine Label Group, Scott Borchetta penned a letter to the company's artists, songwriters, producers, managers, staff and partners announcing its $300 million acquisition.

According to Billboard, the CEO announced the acquisitions which were acquired by Scooter Braun and The Carlyle Group's Ithaca Holdings.

The letter which was written by the founder on Sunday, listed some of the company's monumental successes, including 65 million in global album sales, dozens of awards, and its careful management of future superstars such as Taylor Swift, Florida Georgia Line and Brantley Gilbert.

Borchetta also characterised the company as a pioneer in artist compensation, "including being the first-ever American label to align with terrestrial radio for performance rights."

Borchetta wrote in the letter that he will continue to serve as the president and CEO of Big Machine and stated he is now a board member for Ithaca Holdings as well as, a "significant, but minority" shareholder in the company.

He additionally wrote that Big Machine will maintain "complete" self-rule under the terms of the agreement and that no staff changes will be implemented in the wake of the deal.

In a viral Tumblr post, Taylor Swift wrote about her not been aware of the deal -- which included the sale of masters for her first six albums -- until it was announced and expressed her anger with the involvement of Braun, whom she accused of "incessant, mpulative bullying" for years.

Swift alleged that she had requested for a chance to own her work for years but that Big Machine instead attempted to make her "earn" back her albums and made a deal with that company which the singer walked away from in November.

Borchetta responded to the claims and denied Swift's allegations in a big post on the company's website on Sunday night, stating that he had already texted the singer to inform her about the deal prior to the announcement.

He also claimed that under the norms of the company from which Swift walked away, she would have immediately received "100%" of her assets back (a claim that appears to be backed up by documents executed during negotiations).

( With inputs from ANI )