Verzuz’s creators, Timbaland and Swizz Beatz, now own a larger percentage of the Triller Network, the parent company, through a lawsuit settlement. The two sides announced. The decision and settlement came after the artists sued Triller for breach of contract after they claimed the platform failed to make a $28 million payment for the acquisition of Verzuz. According to the complaint, Triller purchased Verzuz for eight figures, and the lawsuit claims the “company agreed in a settlement that it would pay them $9 million each by March 2020 and $500,000 per month for the following ten months but didn’t.” Regardless of the settlement, Triller maintains that Timbaland and Swizz Beatz received more than $50 million in cash and stock and haven’t met the disputed payments’ threshold.
“Creators started this and will continue building it,” Triller Executive Chairman Bobby Sarnevesht said in a statement. “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 said in a statement that they’re “glad to come to an amicable agreement with Triller and continue giving fans the music and community they’ve come to know and love from the brand.”
– Excerpt from an article for The Hollywood Lawyer by Winston Cho. Read the full article here.
Disclaimer: Please note that the information contained within this news post and site is offered simply as a consideration to visitors who are in the entertainment industry and are seeking to learn more about various areas of entertainment, be it in film, movies, television, music, digital, new media, film financing, merchandising and/or branding. As such, the information so provided should never be construed as legal advice. If you need further assistance or legal advice for your specific matter, please do not hesitate in contacting an entertainment attorney (film, music, digital, licensing, financing) here in Los Angeles, California at The Hollywood Lawyer by(1) emailing us at firstname.lastname@example.org; (2) calling us at (323) 300-4184; or (3) filling out our online form. thehollywoodlawyer.com