Recording impresarios Swizz Beatz and Timbaland are suing social media platform Triller, claiming they are owed more than $28 million after the TikTok-like outfit acquired the duo’s music enterprise Verzuz last year.
Triller in 2021 said it was buying the Verzuz web series — which had become a breakout hit during the pandemic, pitting music artists against one another in live-streamed battles — for an undisclosed cash and equity sum.
A ForensicsAs reported by the Washington PostTriller, according to the allegations, began missing payments in January of this year. “To date, Defendants have failed and refused to make any payment to [Swizz Beatz and Timbaland] of the past due sums due and owing,”The suit is said to read:
According to Tuesday’s lawsuit, Triller was to make initial cash payments to Timbaland and Swizz Beatz in January 2021 and April 2021, which it did. The producers claim that the company failed to make a second payment in January this year.
A new payment plan was reportedly agreed and Triller made the first payment in accordance with the new agreement in February. Triller was required to make additional $18 million payments by March 17th, plus $1 million per month for the next 10 months. These payments, the plaintiffs claim, have not been made.
Swizz Beatz and Timbaland earlier this year set a deal with Amazon Studios for a feature-length documentary Gifted & Black, inspired by Verzuz.
According to BillboardTriller is a candidate to run Public. It also proposed a merger with SeaChange International for $5 billion in June. Later, documents were submitted to the SEC to allow it to go public.