Taylor Swift has changed her tune on Shamrock Capital, the private equity firm that in 2020 bought the master recordings to her first six albums.

Why it matters: At the time, Swift said she couldn’t work with Shamrock because its deal included some profit-sharing for seller Scooter Braun, with whom she had a longstanding feud.

Driving the news: Today, however, Swift praised Shamrock — in a letter announcing that she’d bought back her masters. It probably helps that Braun sold his company a couple of years back, so any remaining earnouts aren’t his.

• Unclear on the ROI of the sale for Shamrock, which seems to have not gotten too much more than the $300 million or so it originally paid. The delta could be big cash that her music threw off along the way, with Billboard estimating Shamrock pocketed $100 million.

Kerry Flynn’s thought bubble: Taylor Swift turned bad blood into a love story by taking control of her legacy, even teasing about getting a shamrock tattoo.

• Her re-recordings (Taylor’s Versions) and the success of The Eras Tour show that fan loyalty can shift power away from labels or other corporate owners and toward artists.