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.
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