In a decision that could have a significant impact on businesses that license copyrighted material, the United States Court of Appeals for the Ninth Circuit has ruled that the owner of an exclusive copyright license may not transfer its interest unless it has or obtains the original licensor’s consent. The Ninth Circuit’s ruling on this issue of "first impression" requires those involved in numerous industries – including entertainment, new media, software, merchandising, advertising and publishing – to rethink the manner in which they grant or obtain exclusive rights to copyrighted content and to review the manner in which they have done so in the past.