Swizz Beatz and Timbaland say that they still own 100% of Verzuz, despite reports that the two sold a majority of the shares to Triller back in March 2021. The two spoke about the state of the series on Instagram Live, Saturday.
“Verzuz is still 100 percent Black-owned,” Swizz said on the broadcast. “50 percent on the top of your screen, and 50 percent on the bottom of your screen. In case you ain’t know. Word to Allah. Okay? It was built for the people, and it will stay with the people. And we love everybody.”
Read More: Swizz Beatz Gives Verzuz Update, Jermaine Dupri Confirms Diddy Match-Up
Swizz Beatz With Timbaland
As for the news of Triller purchasing majority ownership of the show, it stems from a report from Variety in 2021. The outlet stated that Triller Network acquired the platform while allowing Swizz Beatz and Timbaland to keep hold of some shares of the company and join the Triller management team. They also “allocated part of their equity stake to the 43 performers who’ve appeared on Verzuz to date to help oversee music and other company strategies.”
“There is no more disruptive and innovative brand in music today than Verzuz,” Bobby Sarnevesht, executive chairman and co-owner of Triller, said when announcing the acquisition. “Both Triller and Verzuz share the ‘artist first, music first’ vision. We view this acquisition as more of a partnership than an acquisition, as Swizz, Timbaland and the other 43 artists who are all becoming shareholders and partners in Triller Verzuz from this day forward become our voice.”
Swizz Beatz & Timbaland Discuss “Verzuz”
Swizz Beatz & Timbaland claim they still own 100% of Verzuz despite Triller sale
https://t.co/52WCdDsvQr pic.twitter.com/n8IijkhXj1
— HipHopDX (@HipHopDX) May 14, 2023
Things took a turn in September 2022, when The Hollywood Reporter revealed that Swizz and Timbaland settled a lawsuit they filed against Triller’s CEO, Ryan Kavanaugh. They claimed he failed to come through with the $28 million infusion of capital that he was supposed to provide with the acquisition. The outlet also confirmed Kavanaugh’s Proxima Media to be the current majority owner of Verzuz.
Read More: Swizz Beatz & Timbaland Settle “Verzuz” Lawsuit Against Triller
[Via]
