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In this segment, Sky Morton discusses copyright transfers under U.S. law, referring to the concept as the "baloney theory of copyright," where copyright can be divided into numerous pieces. When exclusive rights within copyright are transferred, the recipient gains an interest in the copyright. For instance, granting exclusive rights to exploit a video for a set time represents a portion of this copyright. It's important to note that exclusive rights must be documented in writing and signed by the original copyright holder. Owning copyright essentially means retaining all rights not transferred to others. The segment illustrates these concepts further with examples.