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Sky Morton discusses copyright transfers within U.S. law, using the "baloney theory" to illustrate how copyright can be divided into various exclusive rights. When a copyright owner transfers any exclusive rights, they are effectively creating and sharing a portion of their copyright interest. For example, granting someone the exclusive right to exploit a video in a specific location for a limited time constitutes a transfer of that copyright interest. It's important to note that all exclusive transfers must be in writing and signed by the copyright owner, while any non-exclusive rights granted are considered licenses. Owning copyright means retaining all rights not explicitly given away.