Nobody, it turns out, will be paying the $225m-$250m that Scott Borchetta was seeking for his Big Machine Label Group: it emerged yesterday that Taylor Swift’s label will remain independent. Well, independent with a distribution deal with Universal Music Group, which according to Billboard will see Borchetta take charge of its Republic Nashville imprint.

There are a couple of eyebrow-raising companies in the list of firms Big Machine held talks with about a potential acquisition: Sony Music and Warner Music might be expected, but iHeartMedia and Snapchat would have been fascinating parent companies. One of the points of uncertainty around Big Machine is its biggest star: Swift’s contract only lasts for another album plus a greatest hits compilation, although with her family closely involved with the label, it’s by no means certain that she will not re-sign.

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