How do I divide thousands of songs currently in a single iTunes account into 2 separate iTunes accounts?

When my daughter was small, I set up a single iTunes account that we both could use. Now, years later, she has amassed thousands of songs and apps that I have no interest in. Is there a way to set up a separate iTunes account for her and move her music, videos, etc to that account and delete them from my existing iTunes account?

Some related discussion at https://discussions.apple.com/thread/1965166?start=0&tstart=0  Note that this starts in year 2009 when much music required authorization to play.  This no longer applies to new music or old music upgraded to iTunes Plus.  It still applies to video.
I am no itunes account expert but I do not think it is possible to transfer file ownership between accounts.

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