The specific terms of the settlement were not disclosed in an announcement made late Thursday, beyond a promise that “the settlement will increase the ownership stake given to the artists that Timbaland and Swizz Beatz had in Triller as part of the original deal.” had brought.”
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“Verzuz has always been a platform that is by artists, for artists and with people,” Swizz Beetz and Timbaland said in a statement. “We are delighted to have reached an amicable agreement with Triller and continue to give fans the music and community they know and love from the brand.”
“Verzuz and Triller will always be a safe space and outlet for creators and their art. Nothing will change that,” said Bobby Sarnavesh, executive chairman and co-founder of Triller. “It will change nothing. The creators started it and will continue to make it. It is a triumphant moment in the Triller and Verzuz relationship as we move closer together towards the public markets. stay tuned.”
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Case filed in August By two producers who founded the popular Verzuz virtual battle series in March 2020 on Instagram Live, then Call it Triller. sold to About a year later for unknown terms. Swizz Beetz and Timbaland (legal names: Qassem Dawood Dean and Timothy Mosley) both received equity in the sale, along with 43 artists participating in the event. His lawsuit alleged that Triller had failed to make a significant payment to both in January of this year, and that the service had agreed in a settlement to pay them a total of $18 million in March, for the following: $1 million a month for 10 months – but none of the promised payments were going to come this year.
At the time of the August lawsuit, a Triller spokesperson responded with the claim that the company has so far paid the pair “over $50 million” in cash and stock, and that the added limits to receiving any additional earnings. had not reached. The -out payment, which Triller said was at the center of the controversy.
In August a Triller spokesperson said, “It is unfortunate that they chose to raise this in the press as a ‘legal shakedown’ and that it ignores the fact that they have deliverables, including the delivery of a set number of Verzuz’s.” Includes, but is not limited to. For 2022. We hope it was just overzealous lawyers tossing the gun… If this goes ahead in court we await a decision that is based on all the facts. weighs.”
Six Verzuz Challenges have aired so far in 2022, the most recent of which occurred more than two months ago, when Looney Tunes and DJ Nelson competed on July 17.
“Swizz Beatz and Timbaland are proud of the platform they built with Verzuz and have acquired it by Triller because of the company’s desire to celebrate and showcase artists,” the joint announcement said on Thursday.
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