Swizz Beatz and Timbaland have settled their lawsuit against Triller.
On Thursday, both parties involved announced they reached a settlement deal that ended their legal battle. In August, the Verzuz co-founders sued Triller just shortly after announcing the company acquired the Verzuz platform for an undisclosed amount.
According to the lawsuit, the video streaming app agreed to pay the mega-producers $18 million by March 2022 and $1 million every month for 10 months.
However, Swizz and Timb claims that Triller failed to make the payments and demanded the company to produce the $28 million they’re owed.
“VERZUZ has always been a platform that is by the artists, for the artists and with the people,” Swizz and Timb said in a 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.”
The details of the settlement have not been revealed but Triller confirms that it’ll “increase the ownership stake given to the artists that Timbaland and Swizz Beatz brought to Triller as part of the original deal.”
“Verzuz and Triller will always be a safe place and outlet for creators and their art. Nothing will change that,” says 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.”
