Music moguls Swizz Beatz and Timbaland have sued video sharing network Triller for $28 million over claims that they have not been paid for the sale of their popular webcast series Verzuz.
The moguls filed the lawsuit against the network following the sale of their popular rap battle show Verzuz, according to TMZ. Verzuz was an unexpected hit during the COVID-19 pandemic, in which two artists would square-off in a music battle livestream, Billboard reported.
Swizz Beatz and Timbaland sold Verzuz to Triller in January 2021, but the company defaulted on the deal by failing to make the required subsequent installments only after making the first two payments, according to documents obtained by TMZ.
In a statement sent late last night, Triller says it hopes the $28 million breach of contract suit from Timbaland and Swizz Beatz is a “misunderstanding.” The company also takes quite a bit of credit for the success of Verzuz. https://t.co/ZASafG7FLC pic.twitter.com/osE1YjDYGi
— Ashley Cullins (@AshleyCullins) August 17, 2022
“This is not a feud over VERZUZ, but simply about earn-out payments to Swizz and Tim,” a Triller representative told TMZ. “Swizz and Tim have personally been paid by Triller over $50 million in cash and stock to-date, and they stand to benefit even more over time.”
Triller’s representatives stated that “only one payment of $10 million is in question” as the company believes the thresholds for payment had not been met, according to TMZ.
An initial statement given to The Verge called the situation “truly unfortunate and [they] hope it is nothing more than a misunderstanding” of the conditions of the deal.
“We hope to resolve this amicably and quickly, and truly hope it’s just a misunderstanding,” the initial statement read. “If we are forced to defend it, we are more than optimistic the truth and facts are on our side.”