Parties reach settlement agreement over Verzuz acquisition
Swizz Beatz, Timbaland and Triller have announced the settlement of their legal dispute over the sale of Verzuz.
“Verzuz has always been a platform that is by the artists, for the artists and with the people,” founders Swizz Beatz and Timbaland say 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.”
Financial terms of the agreement were not disclosed, but 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,” adds 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.
The Grammy Award winning producers and entrepreneurs launched Verzuz in March of 2020 on Instagram Live. What started as a battle between two friendly rivals has grown into a global phenomenon that celebrates some of the greatest artists of our time, highlighting their careers and generating powerful surges in sales and streams. Verzuz has taken its celebration of culture beyond music with successful collaborations in sports, comedy and more.
The suit was filed in August after the founders accused Triller of failing to make a significant payment in January after the service agreed to pay them $18 million in March, followed by $1 million per month for 10 months. At the time, a Triller spokesperson said more than $50 million was paid in cash and stock and the pair had not met the threshold to receive any additional compensation.