Swizz Beatz, Timbaland, and Triller have reached a settlement after the rapper-producers sued the network over $28 million of payments owed to Verzuz.
The artists and entreprenuers have agreed to drop their filed lawsuit and Triller has agreed to increase the financial benefits owed to Swizz Beatz and Timbaland, who will provide shares in Triller to the 70 creators involved in the original deal. The 43 artists that have performed on Verzuz during their ownership of the platform will received double shares in Triller
In a joint statement, Swizz and Timbo expressed, “Verzuz has always been a platform that is by the artists, for the artists and with the people. 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.”
Triller’s executive chairman and co-founder, Bobby Sarnevesht added, “Verzuz and Triller will always be a safe place and outlet for creators and their art. Nothing will change that. Nothing will change that. 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.”
When Triller first acquired Verzuz, the network agreed to pay Swizz and Timbaland in multiple installments—the first being one week after the deal closed and the remaining on the first and second anniversaries of the agreement. Two payments were made in January and April 2021, but the first anniversary payment defaulted. However, once a new payment structure was agreed upon, they failed to meet said terms.
Written by: Broadcast HipHop Network
Copyright ©2023 Broadcast HipHop Radio and Television Stations Group, a wholly-owned subsidiary of Broadcast HipHop Networks LLC. All rights reserved. This material may not be republished, broadcast, rewritten, or redistributed without written permission.