Triller has responded to reports of Swizz Beatz and Timbaland's lawsuit against the company, stating that both of the Verzuz creators have been paid over $50 million in cash and stock in the platform to date. The company explained the situation in a statement provided to TMZ on Wednesday.
"This is not a feud over VERZUZ, but simply about earn-out payments to Swizz and Tim," they wrote. "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. In addition, they have annual obligations, which if met, and no breach has occurred, entitles them to additional payments."
They continued: "Only one payment of $10 million is in question. We do not believe they have met the thresholds for that payment yet, which include, but are not limited to, delivery of a set number of VERZUZ events for 2022. We have been trying to resolve this amicably and this does not affect VERZUZ operations or Triller’s ownership of VERZUZ. If this does proceed in court, we look forward to a judgment that weighs all the facts."
As reported by TMZ on Tuesday, Beatz and Timbaland are suing for $28 million while claiming that they agreed to sell Triller to the company in January 2021, but the deal defaulted after just two payments.
The two artists launched Verzuz during the beginning of the coronavirus pandemic and the show has since exploded into a massive success. They've welcomed tons of high-profile guests on the show, including Ludacris, Nelly, Young Jeezy, Gucci Mane, Erykah Badu, Jill Scott, and more.
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