Swizz Beatz and Timbaland have settled their lawsuit with Triller after suing the service last month for $28 million, a sum they claim was owed after their sale of Verzuz to the service in March 2021.
Specific terms of the settlement were not disclosed in Thursday’s recent announcement, other than a promise that “the settlement will increase the ownership interest given to the artists that Timbaland and Swizz Beatz brought to Triller as part of the original deal.”
More from Variety
“Verzuz has always been a platform of the artists, for the artists and with the people,” Swizz Beatz and Timbaland said in a statement. “We’re excited to come to an amicable agreement with Triller and continue to bring fans the music and community they’ve come to know and love from the brand.”
“Verzuz and Triller will always be a safe place and outlet for creators and their art. Nothing will change that,” said Bobby Sarnevesht, executive chairman and co-founder of Triller. “Nothing will change that. Creators started this and will continue to build it. This is a triumphant moment in the relationship between Trill and Verzuz as we march to the public markets together. Stay tuned.”
The lawsuit was filed in August by the two producers, who founded the popular virtual combat series Verzuz on Instagram Live in March 2020 and then sold it to Trill about a year later for undisclosed terms. Swizz Beatz and Timbaland (legal names: Kasseem Daoud Dean and Timothy Mosley) both received shares in the sale, along with 43 performers who had participated in the program. Their lawsuit alleged that Trill failed to make a significant payment to the duo in January of this year and that the service reached a settlement to pay them a total of $18 million in March, followed by $1 million per month for the next 10 months. — but that none of those promised payments had materialized this year.
At the time of the lawsuit in August, a Triller spokesperson responded by claiming that the company had already paid “more than $50 million” in cash and stock to the couple to date, and that the couple had not passed the threshold for additional income. receive. payouts, which Triller said was at the heart of the dispute.
Said the Triller spokesperson in August: “It is unfortunate that they have chosen to elevate this to the press as a ‘legal shakedown’ and it ignores the fact that they have results including, but not limited to, the delivery of a certain number of Verzuz before 2022. We hope these were just overzealous lawyers fiddling around… If this goes through in court, we look forward to a verdict that weighs all the facts.”
Six Verzuz challenges have aired so far in 2022, the most recent of which was more than two months ago when Luny Tunes and DJ Nelson competed on July 17.
Thursday’s joint announcement said, “Swizz Beatz and Timbaland remain proud of the platform they created with Verzuz and its acquisition by Triller because of the company’s willingness to celebrate and showcase artists.”
Best of variety
Sign up for the Variety newsletter. Follow us on Facebook, Twitter and Instagram for the latest news.
Click here to read the full article.