@tomcy6 -right on, but to expand on that, the record label may own the master but often doesn't not have rights in the musical composition. Those rights, a/k/a "publishing" side, also have to be cleared but there is a compulsory license for that in the US.
Although folks aren't interested in the mechanical aspects (indeed, in publishing, the right to record a song was called a "mechanical right" for reasons having to do with the history of audio), it's important to recognize the distinction if you are at all interested in how the industry works.