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Sky Morton discusses copyright transfers under U.S. law, using the "baloney theory" to illustrate how copyright can be divided into numerous exclusive rights. When a copyright owner transfers exclusive rights, they effectively grant an interest in the copyright; for example, giving someone the exclusive right to exploit a video in a specific location for a limited time. This transfer is distinct from a non-exclusive license. It's important to note that any exclusive grants must be in writing and signed by the copyright owner. Ultimately, owning copyright means retaining all rights that have not been transferred to others.