Swizz Beatz and Timbaland, who sold Verzuz to Triller in 2021, have settled their lawsuit with the music platform for $28 million, which they claimed they were owed after the acquisition.
The music producers released a joint statement on Thursday (Sept. 22) after the news broke: “Verzuz has always been a platform that is by the artists, for the artists, and with the people. 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.” As a result of the new agreement, Swizz and Timbaland now own a larger share of Triller. No further details were provided.
Bobby Sarnevesht, Triller’s executive chairman and co-founder, also commented on the news confirming that the settlement was a “victorious moment” for both Verzuz and Triller. “Verzuz and Triller will always be a safe place and outlet for creators and their art. Nothing will change that,” said Sarnevesht. “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 multimillion-dollar lawsuit was filed by Swizz and Timbaland in August, alleging that Triller failed to make significant payments after acquiring Verzuz in 2021. According to the suit, the men were promised $18 million ($9 million each) in March 2022, followed by $1 million monthly for 10 months — which never materialized.
Triller faced legal action more than once this year. Sony also filed a lawsuit against the social app, claiming it was owed millions of dollars in unpaid licensing fees and copyright infringement for using its music after being served a termination notice and failing to remove its music catalog.