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