Swizz Beatz and Timbaland Reach Settlement With Triller in Lawsuit Over Verzuz Payments

variety.com:

Chris Willman Senior Music Writer and Chief Music Critic Swizz Beatz and Timbaland have settled their lawsuit with Triller, after suing the service last month for $28 million, an amount they contended was owed after their sale of Verzuz to the service in March 2021.

Specific terms of the settlement were not revealed in the late Thursday announcement, beyond a promise that “the settlement will increase the ownership stake given to the artists that Timbaland and Swizz Beatz brought to Triller as part of the original deal.” “Verzuz has always been a platform that is by the artists, for the artists and with the people,” Swizz Beatz and Timbaland 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.” “Verzuz and Triller will always be a safe place and outlet for creators and their art.

Nothing will change that,” said Bobby Sarnevesht, Triller’s executive chairman and co-founder. “Nothing will change that. 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.”     The lawsuit was filed in August by the two producers, who founded the popular Verzuz virtual battle series in March 2020 on Instagram Live, then sold it to Triller for undisclosed terms about a year later.