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[Annie]

https://www.hollywoodreporter.com/news/music-news/timbaland-swizz-beatz-sue-triller-verzuz-1235200204/

The producers say Ryan Kavanaugh's aspiring TikTok rival defaulted on their original deal and a settlement and payment agreement.

[...]

Triller in March 2021 announced it was acquiring Verzuz for an undisclosed sum in a deal that made Timbaland and Swizz Beatz shareholders in its parent company Triller Network.

It's now clear that sum was in the mid-eight figures. It was to be paid in installments: the first at closing, another shortly after and two more on the first and second anniversaries of the deal. Triller made the first two scheduled payments, but the company defaulted on their agreement in January 2022, according to the complaint filed in L.A. County Superior court by attorneys from Singh Singh & Trauben.

Timbaland and Swizz Beatz entered into a settlement and payment agreement with Triller in February. Under its terms, Triller was to pay them $9 million each no later than March 17 (and earlier if the company were to reach a minimum funding threshold). After that, Triller would pay them $500,000 each on the first of the month for 10 months. That timeline would be accelerated if the company received $100 million in funding or if it had closed its proposed merger with SeaChange International. An additional $120,000 was tacked on for the producers' legal fees.

Triller again defaulted on the agreement, according to the complaint. It didn't pay the $18 million in March, nor did it make any of the $1 million monthly installment payments. Timbaland and Swizz Beatz in April sent a notice and demand for payment, but Triller still hasn't paid up.

I knew this was a bad deal, he's been in legal trouble before and the Triller app flopped. 

Timbaland and Swizz Beatz are seeking compensatory damages of $28,095,000 plus attorneys' fees and costs, as well as pre-judgment interest.

Triller, which gained traction as a video-sharing app, has since taken on a majority investment from Ryan Kavanaugh's Proxima Media and expanded into live events including a boxing league called Triller Fight Club.

Triller is no stranger to litigation, having sparred with TikTok and a podcasting duo, and faced a since-dropped biometric privacy class action (among other things). Neither is Kavanaugh, whose bankrupt Relativity Media was mired in litigation including a suit from investors, a contract dispute against Netflix and dueling claims with an ousted executive.

I hope Brandy will get her share somehow

[Gilgamesh.]

Sounds like they (Triller) just wanted cash in before Instagram or YouTube got there first. Sue them, Kings!