A company can “purchase intellectual property
rights.” The way that the purchase takes place varies a little, but most
commonly it will be in the form of a license.
I’ll use your example of a Harry Potter video
game to explain. First, the owner of a copyright (here, the author of Harry
Potter) has the exclusive right to distribute her original work. Another right
she owns as a part of her copyright is the exclusive right to produce derivative
works. A derivative work is any work based off of the original copyrighted
work. A videogame based on Harry Potter is a derivative work of the original
Harry Potter books.
So, J.K. Rowling, Harry Potter’s author, is the
only person in the world that can create derivative works based on Harry
Potter. BUT, she can license that right to whomever she would like for a fee.
This is why you see Harry Potter videogames being made and t-shirts being sold.
A copyright owner can license her copyright to another — or, in other words,
you can purchase the right to use a copyright from a copyright holder.
Other intellectual property rights like patents and trademarks have similar
licensing schemes to allow the holder of the right to exploit his or her
invention.
Source: Quora
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