Swizz Beatz and Timbaland Settle Lawsuit With Triller Over ‘Verzuz’ Acquisition Payments
The 'Verzuz' co-founders sued the video-sharing platform back in August, claiming it failed to pay make multiple payments under the acquisition deal.
Image via Getty/Paras Griffin
Swizz Beatz and Timbaland have ended their legal battle with Triller.
The Verzuz co-founders sued the video-sharing platform back in August, about 18 months after announcing Triller had acquired the online music series for an undisclosed sum. According to the lawsuit, Triller Network agreed to pay the veteran producers a total of $18 million by March 20, 2022, and an additional $1 million every month for the subsequent 10 months. Timbaland and Swizz claimed Triller failed to make those payments, and demanded the company cough up the $28 million they were allegedly owed.
On Thursday, the parties announced they had reached a settlement deal.
“VERZUZ has always been a platform that is by the artists, for the artists and with the people,” Swizz and Timbaland said in a statement. “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.”
Though the exact details of the settlement have not been revealed, the parties confirmed it’ll “increase the ownership stake given to the artists that Timbaland and Swizz Beatz brought to Triller as part of the original deal.”
“Verzuz and Triller will always be a safe place and outlet for creators and their art. Nothing will change that,” says Bobby Sarnevesht, executive chairman and co-founder of Triller. “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.”
Swizz and Timbaland launched the battle series at the onset of the pandemic, offering fans a new form of interactive entertainment. Since then, Verzuz has evolved into a cultural phenomenon that has featured legends like DMX, Snoop Dogg, Patti LaBelle, Gladys Knight, Teddy Riley, Alicia Keys, Bone Thugs-N-Harmony, and many, many more.