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Sky Morton discusses copyright transfers under U.S. law, referring to the concept as the "baloney theory of copyright," where rights can be divided into multiple parts. When any exclusive rights are transferred, such as the right to exploit a video in a specific location for a set time, it constitutes a transfer of an interest in the copyright. This contrasts with non-exclusive grants, known as licenses. All exclusive grants must be documented in writing and signed by the original copyright owner. Owning copyright implies retaining all rights that have not been transferred. An example is mentioned to clarify these concepts.