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In this segment on copyright transfers under U.S. law, Sky Morton explains the concept of the "baloney theory of copyright," which illustrates how copyright can be divided into multiple exclusive rights. When one transfers exclusive rights, they are essentially granting an interest in the copyright—like slicing off a piece of baloney. For instance, if someone is given exclusive rights to exploit a video in a specific location for a limited time, they receive an interest in the copyright. It's important to note that all exclusive grants must be in writing and signed by the original copyright owner. Owning copyright means retaining all rights not previously transferred.