The settlement follows a recent $28 million lawsuit filed by the co-founders, after Triller allegedly failed to pay the seasoned producers a total of $18 million by March 20, 2022, and an extra $1 million per month for the following 10 months, as agreed upon.
The two parties announced Triller Network’s acquisition of the online music battle series for an undisclosed amount in March 2021.
In a statement released on Thursday (Sept. 22nd), the parties announced their settlement agreement:
“VERZUZ has always been a platform that is by the artists, for the artists and with the people,” Swizz 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.”
The parties stated 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,” as further details about the deal has been withheld.
Bobby Sarnevesht, executive chairman and co-founder of Triller, also added:
“Verzuz and Triller will always be a safe place and outlet for creators and their art. 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.”
Verzuz has become a mainstay in the industry since its debut at the start of the pandemic, bringing together showdowns that will most likely never see the light of day, including appearances by the likes of Isley Brothers, Earth, Wind, and Fire, Patti LaBelle, Gladys Knight, Teddy Riley, Alicia Keys, and Bone Thugs-N-Harmony, amongst others.
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