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In this segment, Sky Morton discusses copyright transfers under U.S. law, likening them to slicing a piece of bologna to illustrate how copyrights can be divided. When exclusive rights are transferred, an interest in the copyright is granted, such as allowing someone to exploit a video for a specific time in a specific location. This exclusive transfer differs from non-exclusive rights, which are considered licenses. For an exclusive grant to be valid, it must be documented in writing and signed by the original copyright holder. Owning copyright means retaining all rights that have not been transferred. The segment sets the stage for further examples and explanations related to copyright ownership.