Triller and music producers Timbaland and Swizz Beatz settle lawsuit

L.A. entertainment company Triller on Thursday settled one of several lawsuits the company is facing over allegations it owes money to business partners.

The music video and live events company reached a settlement with music producers Timbaland and Swizz Beatz.

Timbaland and Swizz Beatz are the founders of Verzuz, which is known for hosting live events featuring music battles among prominent artists. Triller acquired Verzuz last year, which helped propel the company’s live events business. Timbaland and Swizz Beatz at the time called it “game-changing.”

But the tune changed when Swizz Beatz and Timbaland sued Triller last month, alleging the company breached an agreement with them and owed them more than $28 million in damages plus interest. Rappers including Diddy said they would not engage with Triller until the issue was addressed.

At the time of the lawsuit, Triller said that Swizz Beatz and Timbaland had received more than $50 million in cash and stock to date related to the acquisition of Verzuz and that there was only one $10-million payment in question.

“We don’t believe they have met the thresholds for that payment yet, but have been trying to resolve it amicably,” Triller said then, later adding, “We hope this was just overzealous lawyers jumping the gun.”

In an announcement Thursday, the parties involved said they had come to a settlement that will increase the ownership stake for artists that Swizz Beatz and Timbaland brought to Triller in their original deal.

“We’re glad to come to an amicable agreement with Triller and continue giving fans the music and community that they’ve come to know and love from the brand," Swizz Beatz and Timbaland said in a statement.

Triller Executive Chairman Bobby Sarnevesht called it "victorious moment in the Triller and VERZUZ relationship."

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