Swizz Beatz and Timbaland have settled their legal dispute with Triller over the sale of Verzuz,
The settlement will increase the ownership stake given to the artists that the two super producers brought to Triller as part of the original deal.
“VERZUZ has always been a platform that is by the artists, for the artists, and with the people,” Swizz Beatz and Timbaland said in a joint 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.”
“VERZUZ and Triller will always be a safe place and outlet for creators and their art. Nothing will change that,” added 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.”
In August, Swizz Beatz and Timbaland filed a $28 million lawsuit against Triller for payments they alleged they never received as a part of their deal.
According to the lawsuit, the video sharing and social platform allegedly began missing scheduled payments to the duo in January of this year.
“To date, Defendants have failed and refused to make any payment to [Swizz Beatz and Timbaland] of the past due sums due and owing,” the suit stated.
Triller reportedly made initial cash payments to Swizz Beatz and Timbaland in January 2021 and April 2021 but failed to make the payment that was due in January 2022.
The suit went on to say that when the new payment arrangement was established, Triller reportedly made the first payment back in February. Also, Triller was reportedly scheduled to pay an additional $18 million by March 17, plus $1 million more per month for another 10 months which the plaintiffs at the time alleged had not been made.
So far in 2022, six Verzuz challenges have aired with the most recent battle between Luny Tunes and DJ Nelson on July 17.
Specific terms of the settlement were not disclosed.