Today, Swizz Beatz, Timbaland, and Triller revealed that their legal dispute about the sale of VERZUZ had been resolved.
“VERZUZ has always been a platform that is by the artists, for the artists and with the people,” says founders Swizz Beatz and Timbaland. “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.”
With the settlement, the artists that Timbaland & Swizz Beatz brought to Triller as part of the initial agreement would receive a larger ownership stake.
“VERZUZ and Triller will always be a safe place and outlet for creators and their art. Nothing will change that,” says 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.”
In August, Swizz Beatz and Timbaland sued Triller for their intellectual property to the tune of eight figures. The two top producers contend that Triller, the now well-known social networking service for video sharing, never paid them for their Verzuz concept, which Triller now controls. Triller purchased Verzuz from Swizz and Timbaland back in January 2021, but the agreement fell through when Triller made only two payments, according to the lawsuit obtained by TMZ.
With the new settlement, Timbaland and Swizz Beatz stated they remain proud of the platform they created and the acquisition by Triller to continue to celebrate and showcase artists.