Swizz Beatz and Timbaland Settle with Triller in Verzuz Payments Lawsuit

Swizz Beatz and Timbaland Settle with Triller in Verzuz Payments Lawsuit

Swizz Beatz and Timbaland have settled their lawsuit with Triller after suing the service last month for $28 million they claimed they were owed after they sold Verzuz to the service in March 2021.

Specific terms of the settlement were not disclosed in the announcement late Thursday, beyond a promise that “the settlement will increase the ownership stake given to the artists Timbaland and Swizz Beatz brought to Tiller as part of the original deal.”

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

“Verzuz and Thriller 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. The creators started it and will continue to build it. This is a win-win moment in the Triller and Verzouz relationship as we move together towards the public markets. Stay tuned.”

Related video: Evolution of rap battles and the ‘Verzuz’ effect.

The lawsuit was filed in August by the two producers, who founded the popular virtual battle series Verzuz in March 2020 on Instagram Live and then sold it to Triller for undisclosed terms about a year later. Swizz Beatz and Timbaland (legal names: Kasseem Daoud Dean and Timothy Mosley) both received shares in the sale, along with 43 artists participating in the program. Their lawsuit alleged that Thriller failed to make a significant payment to the duo in January of this year and that the agency had agreed to pay them a total of $18 million in March, followed by $1 million a month for the following 10 months — but that none of these promised payments had been made this year.

At the time of the August lawsuit, a Tiller representative responded by claiming that the company had already paid “over $50 million” in cash and stock to the couple so far, and that the couple had not met the threshold to receive additional earnings. . -outside the payments, which Triller said were at the heart of the controversy.

Said a Tiller spokesperson in August, “It’s unfortunate that they chose to present this to the press as a ‘legal twist’ and ignore the fact that they have deliverables that include, but are not limited to, delivering a set number of Verzuz. for 2022. We hope this was just overzealous lawyers jumping the gun… If this goes to court, we await a decision that weighs all the facts.”

Six Verzuz challenges have aired so far in 2022, with the most recent being more than two months ago when Luny Tunes and DJ Nelson competed on July 17.

Thursday’s joint statement said: “Swizz Beatz and Timbaland remain proud of the platform they created with Verzuz and its acquisition by Triller due to the company’s willingness to celebrate and showcase artists.”

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