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The co-founders of the popular Verzuz series have settled their lawsuit with Triller. Timbaland and Swizz Beatz sued the video-sharing platform in August nearly a year and a half after the company acquired the series.
According to Complex, the legendary producers struck a deal in March 2022 for $18 million. They were to be paid an additional $1 million every month for the subsequent 10 months. However, Triller allegedly failed to make those payments prompting the lawsuit demanding the full $28 million.
The settlement was announced via press release.
“VERZUZ has always been a platform that is by the artists, for the artists and with the people,” says founders Swizz Beatz and Timbaland. “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 settlement will increase the ownership stake given to the artists that Timbaland & 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 & Co-Founder. “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.”
Swizz Beatz and Timbaland remain proud of the platform that they created with Verzuz and its acquisition by Triller due to the company’s willingness to celebrate and showcase artists.
Verzuz launched at the beginning of the coronavirus pandemic as lockdown orders forced music fans indoors. The series debuted on Instagram and later moved to Triller and became a cultural phenomenon featuring performances by some of the biggest names in urban music.
Timbaland and Swizz Beatz were awarded an NAACP Image Award for the series last year.