Each co-owner of a copyright can independently grant third parties non-exclusive rights in the work, but approval of all the co-owners is needed to grant exclusive rights to third parties.
California Federal Court Sorts Out Ownership Issues In Dispute Over Record Albums
Approval of all the co-owners of a copyrighted work is needed to grant exclusive rights to third parties. Despite that, any co-owner can sell that co-owner's exclusive ownership share to third parties without the permission of the others The U.S. District Court for the Eastern District of California recently released an opinion that considered the interplay of these copyright issues.

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