Timbaland and Swizz Beatz have their lawsuit against Trill over the sale of Verzuzo.
The settlement increases the ownership stake in parent company Triller Network that was given to the producers as part of the original deal, according to the two parties in an announcement of the agreement. Further terms were not disclosed.
Timbaland and Swizz Beatz sued Triller in August for breach of contract, alleging the emerging TikTok rival had failed to pay $28 million for its acquisition. Verzuzo. The rap battle show was bought in March 2021 for an eight-figure sum in a deal that made the duo shareholders in the company.
The deal is plagued with lawsuits. After Trill failed to make payment to the music producers in January, the company agreed in a settlement that it would pay them $9 million each by March 2020 and $500,000 a month for the next 10 months, according to the complaint.
The lawsuit accused Trill of not making the payments.
The company claimed that the producers have already received more than $50 million in cash and stock and that they have failed to meet the thresholds for the disputed payments.
“Creators started this and will continue to build it,” Triller chairman Bobby Sarnevesht said in a statement. “This is a triumphant moment in the relationship between Triller and VERZUZ as we march to the public markets together. Stay tuned.”
Swizz Beatz and Timbaland said in a statement that they are “glad to come to an amicable agreement with Triller and continue to bring fans the music and community they have come to know and love from the brand.”
In 2019, Proxima Media acquired from Ryan Kavanaugh a majority stake in Triller, which is again facing a breach of contract accusing the company of failing to make the required payments. Sony Music sued Trill in August for failing to pay for the use of its artists’ songs on the app.