Swizz Beats and Timbaland settle with Triller in Verzuz دعوى lawsuit

Swizz Beatz and Timbaland settled the lawsuit with Triller, after suing the service last month for $28 million, an amount they claimed was owed after Verzuz sold the service in March 2021.

Specific terms of the settlement were not disclosed in Thursday’s announcement late, other than a promise that “the settlement will increase the ownership interest given to artists that Timbaland and Swizz Beatz brought to Triller as part of the original deal.”

“Verzuz has always been a platform for artists and for the people,” Swizz Beatz and Timbaland said in a statement. “We are pleased to have reached an amicable agreement with Triller and continue to give fans the music and community they have come to know and love from the brand.”

“Verzuz and Triller will always be a safe and outlet place for creators and their arts. Nothing is going to change that,” said Bobby Sarnevcht, CEO and co-founder of Triller. Creators started this and will continue to build it. This is a triumphant moment in Triller and Verzuz’s relationship as we walk together toward the public markets. Stay tuned.”

The lawsuit was filed in August by the producers, who founded the popular virtual battle series Verzuz in March 2020 on Instagram Live, then sold it to Triller on undisclosed terms about a year later. Swizz Beatz and Timbaland (legal names: Kasim Daoud Dean and Timothy Moseley) took a stake in the sale, along with 43 artists who participated in the program. Their lawsuit alleged that Triller failed to make a significant payment to the duo in January of this year, and that the service agreed in a settlement to pay a total of $18 million in March, followed by $1 million per month for the next 10 months – but none of those payments were made. promised this year.

At the time of the lawsuit filed in August, a Triller spokesperson responded by claiming that the company had already paid “more than $50 million” in cash and stock to the pair to date, and that the couple had not met the threshold to receive any additional profit-payments, which Triller said was the crux of the dispute.

A Triller spokesperson said in August, “It is unfortunate that they chose to take this up to the press as ‘legal extortion’ and ignore the fact that they have deliverables that include, but are not limited to, the delivery of a fixed number of Verzuz for 2022. Hopefully this is just excessive lawyers In enthusiasm… If this continues in court, we look forward to a verdict that balances all the facts.”

Six Virgos challenges have aired so far in 2022, the last of which was more than two months ago, when Luny Tunes and DJ Nelson competed on July 17.

“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,” the joint announcement said on Thursday.



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