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Regarding Verzuz, Swizz Beatz and Timbaland have sued Triller.
Recall that they reached an agreement with the business looking to buy Verzuz in January 2021.
According to Hollywood Reporter, although the exact value was not published, it is "obvious that total was in the mid-eight figures."
Additionally, Triller Network added Swizz and Timbaland to its management team, made them stockholders, and divided some of their equity among the 43 musicians who were still active at the time.
Triller is charged in the case, which was filed yesterday, of failing to make the pair's planned payments in January 2022 after sending the first two installments.
They had made arrangements to pay "the first at closing, another soon after, and two more on the first and second anniversaries of the deal," according to the contract. in THR.
By March 17, 2022, at the latest, Beatz and Timbaland were each slated to get $9 million, followed by $500,000 per month for ten months, with conditions that might hasten those payouts.
These payments have not yet been sent.
“To date, Defendants have failed and refused to make any payment to [Swizz Beatz and Timbaland] of the past due sums due and owing,” reads the suit, the Washington Post reports.
We can’t wait to see how this pans out.
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