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This paper describes the Media Value Chain Ontology we have specified, a semantic representation of the Intellectual Property along the Value Chain that it is in the way of being standardized as MPEG-21 Part 19. This model defines the minimal set of kinds of Intellectual Property, the roles of the users interacting with them, and the relevant actions regarding the Intellectual Property law. Besides this, a basis for authorizations along the chain has been laid out, and the model is ready for managing class instances representing real objects and users. The computer representation has been made publicly available so that applications can interoperate around this common shared basis.