*Less than 24 hours after the news broke that #SwizzBeatz and #Timbaland were suing #Triller for $28 million regarding their Verzuz deal, the company has officially responded.
Via a newly released statement, Triller claims that not only have Swizz Beatz and Timbaland already been paid a significant amount, but also the two hip hop producers have not yet met the additional requirements for further payouts.
@TMZ exclusively reports, Triller is firing back against the multi-million-dollar lawsuit filed against them by Swizz Beatz and Timbaland—and their side of things is very different as it relates to Verzuz and alleged money owed. A representative for Triller provided an official statement saying:
“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.”
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According to the lawsuit obtained by The Washington Post, Triller missed a big payment to the two artists in January, so the parties agreed that Triller would pay them $18 million by March 20, followed by $1 million per month for the next 10 months.
As Triller allegedly fails to pay its partner creators, the company has experienced a rocky road to IPO. At first, Triller planned to go public via a reverse merger with SeaChange International, valuing the combined company at $5 billion.
But in June, Triller canceled its merger and confidentially filed to go public weeks later. According to SEC filings, Triller has never been profitable and lost more than $700 million last year.
Triller addressed the lawsuit in a statement sent to media outlets:
“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. 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.”
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