Timbaland and Swizz Beatz Settle $28 Million Lawsuit Over Missed Verzuz Payments
Update September 22 5:00 p.m.: Timbaland and Swizz Beatz have settled their lawsuit against Triller. The exact details of the settlement have not been disclosed, aside from that the ownership stake given to the artists that Timbaland and Swizz Beatz brought to Triller has been increased. “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 joint 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.”
Original story follows.
Timbaland and Swizz Beatz claim they haven’t been seeing the money from Triller after last year’s massive Verzuz sale. The musicians and entrepreneurs are suing the video platform for breach of contract, saying Triller owes them $28 million in missed payments on the music battle series after the company bought Verzuz in January 2021. Per a filing obtained by Vulture, Triller made payments in January and April 2021, but did not make the next required $18 million payment in January 2022. After changing their payment agreement, Triller made one payment in February, then continued to fail to make payments (set for $1 million each month, on top of the $18 million). Their new agreement allowed Timbaland and Swizz to accelerate remaining payments if Triller missed a payment, so they are suing for the full amount Triller owes, $28 million.
The Verzuz sale was notable for Timbaland and Swizz Beatz giving shares of their equity to all past Verzuz participants. Meanwhile, Timbaland and Swizz aren’t the only ones missing Triller payments — the platform also reportedly owes money to boxers and Black content creators. The most recent Verzuz aired on July 17, a face-off between reggaeton producers Luny Tunes and DJ Nelson.
- Verzuz Sold to Triller; Timbaland and Swizz Beatz Now Shareholders