VERZUZ creators Timbaland and SwizzBeatzare feuding with video-sharing social networking app Triller over their highly popular webcast series, VERZUZ. The producers claim the company owes them $28 million. However, a rep for the company claims they only owe them $10 million and they haven’t issued the funds because Tim & Swizz allegedly haven’t met the thresholds to receive it. Deets inside….
Timbaland and SwizzBeatz are ready for a court battle! They believe Triller owes them a whopping $28 million for their uber popular webcast series, VERZUZ. As you know, VERZUZ came about while we were in the thick of the pandemic as way to provide music lovers entertainment as we were all on lockdown.
The super producers are suing video-sharing social networking app Triller for $28 million (plus interest) with claims that the social networking platform failed to completely pay for VERZUZ. They filed the lawsuit Tuesday, August 16th in Los Angeles Superior Court. So, what’s their beef?
Well, it’s reported Tim & Swizz agreed to sell VERZUZ to Triller back in January 2021. Since then, they claim the company defaulted on the deal after only two payments. TMZ reports the producers settled with Triller after the initial default, but they claim Triller pulled …a fast one on them, making one installment and then not paying up the remaining balance. Yikes.
Well, Triller claims that’s not entirely true.
The company claims the producers there’s only $10 million in question and explained they haven’t cut the check because Tim and Swizz haven’t met the thresholds for that payment yet. They also noted Tim & Swiz have been paid over $50 million in cash and stock. Sheesh.
A rep for Triller told TMZ:
"This is not a feud over VERZUZ, but simply about earn-out payments to Swizz and Tim. 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 continue, "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."
Sounds like they’re just as ready to battle it out in a court room before a judge.
Rapper Stylez P - who appeared in a VERZUZ battle against Dipset - said he plans to boycott if Triller can't figure things out with Swizz Beatz and Timbaland, and he's urging the hip hop community to do the same. Peep the clip below:
Many VERZUZ fans feel like they should have never sold the series in the first place and kept it on Instagram:
Verzuz is a perfect example of us building something in the culture and selling it instead of cultivating it for later generations
— Fam. (@illfam79) August 17, 2022
This isn’t something that happened at the source awards in 1996. We all saw the origins of what grew to be Verzuz happen in real time. Swizz and Timb’s triller deal falling through is a result of them putting profit over everything.
— The Original Lisa Vandercunt (@robinwannabefly) August 17, 2022
Verzuz should have stayed between us, on IG, in the artist home and giving us history lessons.
Tim and Swizz did not need anymore money, and their greed now has them in this predicament.
— Security at Joseline's Cabaret (@Adidas_Head88) August 17, 2022
They sold Verzuz to a WHITE owned company and its been HELL ever since. Now we now why we haven’t been getting any verzuz lately.
FYI: a Black person selling a Black owned company to somebody NON Black is : OFFCODE. pic.twitter.com/P8ZvOcY7ii
— Rich (@blackfirst718) August 17, 2022
Prime example of if it isn’t broke, don’t fix it! It's like when they tried to do a pay-per-view VERZUZ and it failed horribly. Should have just left it alone. But banking over $50M...we can't really blame them for not leaving it alone.