Swizz Beatz & Timbaland Reached A Settlement With Triller After Suing The Service For $28M In Verzuz Payments
Swizz Beatz and Timbaland came to an agreement with Triller.
According to reports, producers Swizz Beatz, 44, and Timbaland, 50, settled their lawsuit with Triller after they sued the service a month ago for $28 million. The large lump sum of money was allegedly owed after their sale of Verzuz to the service back in March of 2021. In a statement, Swizz Beatz and Timbaland said:
“Verzuz has always been a platform that is by the artists, for the artists and with the people.”
The producers added:
“We’re glad to come to an amicable agreement with Triller and continue giving fans the music and community that they’ve come to know and love from the brand.”
Bobby Sarnevesht, Triller’s executive chairman and co-founder said:
“Verzuz and Triller will always be a safe place and outlet for creators and their art. Nothing will change that.”
Bobby Sarnevesht added:
“Nothing will change that. Creators started this and will continue building it. This is a victorious moment in the Triller and Verzuz relationship as we march together toward the public markets. Stay tuned.”
The two producers founded the popular Verzuz battle series back in March 2020 on Instagram Live, then sold it to Triller a year later. Swizz Beatz, born Kasseem Daoud Dean and Timbaland, born Timothy Mosley, received equity in the sale, as well as 43 other artists who participated in the project. The lawsuit claimed that the service failed to cut the duo an important check in January of this year, after they agreed in a settlement to pay them $18 million back in March, followed by $1 million a month for the next 10 months. The service allegedly broke their promise and the duo wasn’t paid this upcoming year.
Amid the filing of the lawsuit, a Triller spokesperson addressed the claim alleging the company had already paid “over $50 million” in cash and stock to Swizz and Timbaland. They also claimed the pair had not met the mark to receive any additional earn-out payments. The spokesperson said:
“It is unfortunate they elected to elevate this to the press as a ‘legal shakedown’ and it ignores the fact that they have deliverables which include, but are not limited to, delivery of a set number of Verzuz for 2022. We hope this was just overzealous lawyers jumping the gun… If this does proceed in court we look forward to a judgment that weighs all the facts.“
The joint announcement released yesterday (Sept. 22) said:
“Swizz Beatz and Timbaland remain proud of the platform that they created with Verzuz and its acquisition by Triller due to the company’s willingness to celebrate and showcase artists.”
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