9:31 AM PT -- 8/17 -- A rep for Triller just released a 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."
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."
Swizz Beatz and Timbalandcreated a super popular rap battle show, and now they're doing legal battle with the company to which they sold their idea ... in the form of a $28 million lawsuit!
The big time music producers are suing Triller, claiming the video-sharing social networking service failed to pay up for the cash cow Swizz and Timbaland dreamed up -- Verzuz.
According to the lawsuit, obtained by TMZ, Swizz and Timbaland agreed to sell Verzuz to Triller back in January 2021 … but they say Triller defaulted on the deal after only two payments.
Swizz and Timbaland say they settled with Triller after the initial default, but they say Triller played the same game as before ... making one installment and then not paying up the remaining balance.
The music moguls are going after Triller for more than $28 million … plus interest.
We reached out to Triller ... so far no word back.